Asian Markets Mixed As Middle East Unrest Deepens

Bangkok: Shares were mixed Monday in Asia, with South Korea’s benchmark down almost 3 per cent and Hong Kong’s up nearly 3 per cent, after US stocks closed out last week with more records. Oil prices rose after the weekend overthrow of Syrian leader Bashar Assad, who sought asylum in Moscow after rebels ended the Assad family’s 50 years of iron rule, adding to uncertainty in a region fraught with conflict. The political situation remained tense in South Korea as local media reported that the police were considering imposing an overseas travel ban on President Yoon Suk Yeol. Yoon’s status remained uncertain after he declared martial law last week in the midst of a budget dispute and then reversed that hours later.

The Kospi in Seoul slumped 2.8 per cent to 2,360.58. Chinese shares were mixed, with Hong Kong’s Hang Seng rebounding from early losses to gain 2.8 per cent to 20,414.09. The Shanghai Composite index fell less than 0.1 per cent to 3,402.53. Investors took heart from the state media’s readout from a meeting of the ruling Communist Party’s Politburo that pledged more support for the sluggish economy.