Oil prices slip and Asian shares are mostly lower as investors sell chipmaker stocks
Summary
Oil prices dropped and most Asian stock markets fell, with South Korea’s main stock index, the Kospi, continuing to lose value after recent sharp declines. The changes come amid ongoing U.S.-Iran tensions, including recent U.S. military strikes on Iran and President Trump’s warning of strong retaliation.Key Facts
- Oil prices went down despite renewed conflict between the U.S. and Iran.
- The Kospi stock index in South Korea fell 1.3% on Thursday, continuing a recent drop of more than 16% over two days.
- The Kospi has dropped over 35% from its June high but is still up about 30% for the year.
- Samsung Electronics reported record profits and its stock rose 2.4%.
- SK Hynix also reported record profits but its shares fell 4% after missing analyst expectations.
- Japan’s Nikkei 225 index gained 0.6%, with some chip-related stocks rising.
- Taiwan’s Taiex stock index gained 0.8%, helped by gains in semiconductor company TSMC.
- Oil prices remain volatile amid U.S.-Iran military tensions, with President Trump stating the U.S. would respond strongly to Iranian attacks.
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