BAKU, Azerbaijan, March 9. Ongoing escalation
in the Middle East and growing concerns over a sharp rise in oil
prices have triggered a broad downturn across nearly all major
stock markets in Asia, Trend reports.
According to media reports, the impact is being felt most
strongly in East Asia’s leading industrial economies, particularly
in countries that rely heavily on hydrocarbon imports, such as
Japan and South Korea.
For example, Tokyo’s Nikkei index has dropped by 7%, signaling a
significant market decline. South Korea’s KOSPI index has also
fallen by 8%.
Amid the downturn, the South Korean government is considering an
unusual measure to stabilize the market, introducing a price cap on
oil. Such a step has not been implemented in the country for the
past 30 years.
Despite the markets remaining in negative territory, statements
from the White House in the United States suggesting that the
situation represents a short-term but sharp shock and that oil
prices will eventually decline have done little to reassure
investors.
Stay up-to-date with more news on Trend News
Agency's WhatsApp channel
