Asian Stocks Plummet as Oil Prices Soar Amid Iran Deal Uncertainty
Stocks across Asia declined on Wednesday, led by South Korea's Kospi which dropped 5.8% to 6,471.17. Samsung Electronics shed 7.8%, while memory chipmaker SK Hynix tumbled 9.8%. The Nikkei 225 in Tokyo sank 3.2% to 65,326.42 as worries over rising bond yields and selling of tech shares pulled the benchmark lower.
The Shanghai Composite index shed 2.4% to 3,894.42. Shares in Unitree, a Chinese humanoid robot maker, soared nearly 630% initially in their trading debut on the Shanghai Stock Exchange's Nasdaq-like STAR market. However, shares in UBTech, another major Chinese humanoid robot maker traded in Hong Kong, fell 10.7%.
Oil prices have been clouding market sentiment, with Brent crude gaining 0.8% to $91.78 per barrel and U.S. benchmark crude oil rising 1% to $84.86 per barrel.