Renewed Persian Gulf Hostilities Damp Asian Stock Markets

Asian stock markets largely tracked lower Monday, as the status of the Strait of Hormuz remained contested, and international petroleum prices rose. Tech issues fell back on renewed concerns that higher interest rates and sluggish global economy could threaten rich valuations. Brent oil traded at $78.47 a barrel, up 3.3%, during Asian market hours. Shanghai and Tokyo exchanges finished in the red, while Hong Kong eked out a gain. Other trading floors were mixed, although Seoul's KOSPI Index fell 9% on semiconductor-sector reverses. Chip-making bellwether Samsung Electronics' shares fell 10.7% on the day in Seoul, while peer SK Hynix declined 15.4%, despite a relatively successful launch of SK Hynix-linked shares on the Nasdaq on Friday. In Japan, the Nikkei 225 opened evenly but declined in trading, finishing off 1.9% as traders weighed crude oil prices and the outlook for AI- and semiconductor-industry related issues. The benchmark Nikkei 225 fell 1,315.00 to 67,242.73, as losing issues outnumbered gainers 133 to 86. Leading the upside was consumer-products conglomerate Ryohin Keikaku, up 16.8% after reporting earnings and issuing guidance, while advanced-materials maker.