Asian shares extend losses as the war with Iran widens and oil surges higher

Asian shares extend losses as the war with Iran widens and oil surges higher

BANGKOK: (Mar 4) Asian shares fell further on Wednesday after the global sell-off for stocks hit Wall Street, with South Korea’s benchmark plunging 8 per cent, while oil prices climbed even higher.

Worries over the widening war with Iran have hammered most world markets. Higher oil prices and how much they might worsen inflation are among the central fears for investors. More spikes for oil prices may grind down the global economy and sap corporate profits.

South Korea’s Kospi led regional losses, tumbling 8.1 per cent to 5,321.38, causing trading to be suspended, as energy security concerns vanquished optimism over the boost big tech companies like Samsung Electronics and SK Hynix are getting from expanding use of artificial intelligence.