SEOUL, March 6 (AJP) — Asian stock markets wrapped up one of their most volatile weeks in recent years as escalating tensions in the Middle East rattled global financial markets and pushed oil prices higher.
The wildest swings were seen in Seoul, where panicky selling and frantic bargain-hunting traded places throughout the four-session, war-dominated week.
The benchmark KOSPI closed at 5,584.87, down more than 10 percent from a week earlier before the strikes on Iran and 11 percent below its historic high of 6,347.41 on Feb. 26.
In the first two sessions following the outbreak of hostilities, the KOSPI plunged 19 percent, before rebounding roughly 10 percent on Thursday. On Friday, the index barely stayed positive after swinging between 5,381.27 and 5,609.98 during the session.
The tech-heavy KOSDAQ fared slightly better, edging up 0.43 percent to close at 1,154.67.
Defense shares outperformed as investors bet on rising geopolitical demand.
LIG Nex1 jumped 9.31 percent to 834,000 won on expectations for additional orders of missile interceptor systems deployed along Middle Eastern borders near Iran.
Hanwha Aerospace rose 7.24 percent to 1,481,000 won, while Hanwha Systems gained 5.37 percent to 158,900 won and Hanwha Ocean climbed 3.77 percent to 126,700 won.
Chipmakers, however, were primary targets for profit-taking.
Samsung Electronics fell 1.77 percent to 188,200 won, while SK hynix slipped 1.81 percent to 924,000 won.
Automakers and battery makers traded higher.
Hyundai Motor rose 0.91 percent to 553,000 won, and Kia gained 0.36 percent to 167,000 won.
LG Energy Solution added 1.62 percent to 377,500 won, while Samsung SDI jumped 4.59 percent to 410,500 won.
Energy-related shares also advanced.
Doosan Enerbility surged 8.29 percent to 98,000 won, and HD Hyundai Electric climbed 2.78 percent to 444,000 won.
Internet and brokerage stocks posted gains as well.
NAVER rose 1.14 percent to 222,500 won, while Mirae Asset Securities advanced 2.91 percent to 67,100 won.
Financial shares were mixed.
KB Financial slipped 1.07 percent to 147,400 won, Shinhan Financial declined 1.18 percent to 91,800 won, and Samsung Life Insurance fell 1.87 percent to 210,000 won.
Among other large caps, Samsung Biologics dipped 0.18 percent to 1,644,000 won, while Samsung C&T dropped 3.24 percent to 283,500 won.
SK Square declined 2.30 percent to 553,000 won, and Korea Zinc edged down 0.40 percent to 1,752,000 won.
Retail investors dominated trading during the turbulent week, with net purchases totaling 2.95 trillion won ($2 billion).
Foreign investors and institutions were net sellers, offloading 1.94 trillion won and 1.11 trillion won, respectively.
Elsewhere in Asia, markets showed more moderate swings.
Japan’s Nikkei 225 rose 0.62 percent to close at 55,620.84 on Friday, trimming part of the week’s losses. The benchmark index, however, remained down about 4.06 percent over the past five sessions, reflecting persistent caution among investors.
China’s Shanghai Composite gained 0.38 percent to 4,124.19 on Friday, but the index still fell roughly 0.66 percent over the past five days, signaling a cautious recovery as investors weighed geopolitical risks and global market volatility.
Separately, the Hurun Global Rich List reported that China — including Hong Kong, Macau and Taiwan — once again hosts the world’s largest number of billionaires, with 1,110 out of the global total of 4,020.
Rupert Hoogewerf, founder of the Hurun Global Rich List, said the surge was partly driven by global stock market gains and the rapid expansion of artificial intelligence industries, with new billionaires emerging from Chinese AI firms such as MiniMax and Zhipu AI.
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