SEOUL, March 12 (AJP) — Asian stock markets ended mostly lower Thursday as oil prices surged toward the $100 mark following renewed attacks around the Strait of Hormuz, heightening concerns over potential disruptions to global energy supplies.
Crude prices climbed sharply after a series of attacks on commercial vessels near the strategic waterway, which carries roughly one-fifth of the world’s seaborne oil shipments. U.S. benchmark West Texas Intermediate rose 4.8 percent to $91.5 per barrel, while global benchmark Brent crude gained 5.2 percent to $96.8.
Geopolitical tensions have intensified after multiple tanker attacks near the Strait of Hormuz and escalating military confrontation between Iran and the United States. Iran has effectively restricted maritime traffic in the area since Feb. 28 following U.S. and Israeli missile strikes, raising fears of prolonged disruption to global energy flows.
The International Energy Agency said Wednesday that its member countries agreed to release 400 million barrels from strategic petroleum reserves — the largest coordinated drawdown in the agency’s history — in an effort to stabilize global markets. The move, however, did little to calm investor sentiment.
In Seoul, the benchmark KOSPI fell 0.5 percent to close at 5,583.25 after swinging between 5,629.07 and 5,527.47 during the session.
Foreign investors continued heavy selling, offloading 2.36 trillion won ($1.5 billion) worth of shares. Individual investors purchased 2.23 trillion won while institutions bought 53.9 billion won.
Large-cap semiconductor stocks weighed on the index. Samsung Electronics fell 1.1 percent to 187,900 won, while SK hynix declined 2.6 percent to 930,000 won.
Automakers showed mixed performance. Hyundai Motor dropped 1.7 percent to 521,000 won, while Kia rose 3.1 percent to 167,000 won.
Battery maker LG Energy Solution gained 3.9 percent to 384,000 won, while Samsung Biologics fell 1.9 percent to 1,625,000 won.
Defense-related stocks advanced amid rising geopolitical tensions. Hanwha Aerospace climbed 3.9 percent to 1,465,000 won, while LIG Nex1 added 1.8 percent to 755,000 won.
Nuclear-related shares also strengthened, with Doosan Enerbility rising 2.5 percent to 103,500 won.
Shares of OrbiTech surged 29.9 percent to 8,160 won after the company announced a contract with Korea Hydro & Nuclear Power related to radioactive concrete waste treatment.
The tech-heavy KOSDAQ outperformed the main board, rising 1 percent to close at 1,148.4 after touching an intraday high of 1,150.65.
Retail and institutional investors led buying on the secondary market, purchasing 507.4 billion won and 252.4 billion won worth of shares respectively, while foreigners sold a net 688.1 billion won.
Elsewhere in Asia, Japan’s Nikkei 225 fell 1.1 percent to 54,453 while the broader TOPIX index dropped 1.3 percent to 3,649.9.
Taiwan’s TAIEX declined 1.6 percent to 33,581.9.
Mainland Chinese markets were relatively stable, with the Shanghai Composite Index slipping just 0.1 percent to 4,129.1.
The Korean won weakened, with the dollar rising to 1,481.6 won.
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