Seoul [South Korea], March 23 (ANI): South Korean markets witnessed heavy selling pressure in the opening session on Monday, with the benchmark KOSPI index declining by more than 6 per cent, making it the worst-performing market in Asia.

South Korea's main benchmark KOSPI opened at 5409, registering a sharp fall of over 6 per cent amid escalating tensions in West Asia and growing concerns over a global energy crisis.

Investor sentiment remained cautious across the region, leading to intensified selling as the conflict in West Asia continued to disrupt energy markets and raise uncertainty.

Other key South Korean indices also remained under pressure. The KRX TMI index declined by 5.79 per cent to 3415, while the KRX 300 fell by 5.95 per cent to 3633.50.

The KOSPI 200 dropped by 6.05 per cent to 810, and the KOSDAQ index declined by more than 4 per cent to 1106. The KOSDAQ 150 index also fell by 4.98 per cent to 1922.

Market experts pointed to geopolitical developments as the key trigger behind the sharp decline.

Ajay Bagga, banking and market expert, told ANI, 'Asian Markets, A Sea of Red. Asian indices are seeing one of their worst opening sessions of the year as the '48-hour clock' ticks toward its Monday night (GMT/EDT) expiration. The primary driver of today's market panic is the looming deadline set by U.S. President Donald Trump.'

He added, 'Over the weekend, the President issued a stern 48-hour ultimatum to Tehran: fully reopen the Strait of Hormuz--currently operating at just 5 per cent of its pre-war volume--or face the 'obliteration' of Iran's power grid, starting with its largest plants.'

In other Asian markets, a similar trend of selling was observed. Japan's Nikkei 225 fell more than 4 per cent to 51,280, Singapore's Straits Times declined 2.20 per cent to 4,839, Hong Kong's Hang Seng index dropped 3.41 per cent to 24,415, and Taiwan's Weighted index lost 2.65 per cent to 32,656.

Global cues also remained weak, with US markets ending lower on Friday. The Dow Jones declined 0.96 per cent to close at 45,577, the S&P 500 fell 1.51 per cent to 6,506, and the Nasdaq dropped 2 per cent to settle at 21,647.

The sharp sell-off across global markets reflects heightened risk aversion among investors amid geopolitical uncertainty and concerns over energy supply disruptions. (ANI)