Asia-Pacific markets moderated losses following a rout Monday, after Saudi Arabia reportedly offered crude on the market, easing oil prices.
In Japan, the Nikkei 225 regressed 2,892.12 points, or 5.2%, to 52,728.72, falling below the 53,000 mark for the first time since Feb. 6.
Softbank Group Corp was among the largest losers on the index, falling 9.81%, while chip-related stocks such as Advantest and Lasertec was also down over 11% and 8%, respectively.
In Hong Kong, the Hang Seng retreated 348.83 points, or 1.4%, to 23,408.46.
The kingdom had offered roughly 4.6 million barrels via a pipeline to Yanbu on the Red Sea, Bloomberg reported.
South Korea’s Kospi triggered its second circuit breaker in four sessions on Monday, leading a broader regional sell-off as oil prices neared $120 per barrel for the first time since 2022.
The index plunged over 8%, triggering a 20 minute suspension in trading from 10.31 a.m. local time. The index was last down 5.96% and closed at 5,251.87.
Heavyweight Samsung Electronics plunged 7.81%, while chip counterpart SK Hynix shed 9.52%.
A circuit breaker was activated last week when the benchmark tumbled more than 12% Wednesday to record its worst single-day decline.
South Korean ruling party lawmaker Kim Yong-bae reportedly said that the country’s chip industry is concerned that the Iran conflict will lead to higher energy costs and prices.
Semiconductor production could be disrupted if materials like helium cannot be secured from the Middle East, Kim told Reuters.
In other markets
The CSI 300 dropped 44.98 points, or 1%, to 4,660.44
In Korea, the Kospi index fell 333 points, or 6%, to 5,251.87
In Singapore, the Straits Times Index slumped 91.64 points, or 1.9%, to 4,756.61.
In Taiwan, the Taiex index stumbled 1,489.12 points, or 4.4%, to 32,110.42.
In Australia, the ASX ditched 251.96 points, or 2.9%, to 8,599.03.
In New Zealand, the NZX 50 shed 420.52 points, or 3.1%, to 13,098.83.
