South Korean equities plunged 12 per cent on Wednesday in their biggest one-day drop since the global financial crisis as foreign investors fled the world’s best-performing market this year over fears of a prolonged conflict in the Middle East.
The high-flying Kospi benchmark has fallen nearly 20 per cent since Friday, after rising nearly 50 per cent in the first two months of this year. Investors fear the intensifying war in the Middle East could harm the world’s eighth-largest oil importer.
“Investors are trying to take profits from one of the best-performing markets year to date,” said Jason Lui, head of Asia-Pacific equities and derivatives strategy at BNP Paribas, noting that some were pricing in a “more severe disruption scenario”.
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