#亚太股市暴跌触发熔断 Asia-Pacific markets in shock as Middle East tensions ripple globally

On 4 March 2026, Asia-Pacific stock markets faced a severe sell-off, triggering multiple circuit breakers and temporary trading halts. The Korea Composite Index opened sharply lower, activating its emergency mechanisms twice and halting trading for more than 25 minutes. By the end of the session, it had dropped nearly 13% in a single day, with a cumulative two-day decline approaching 20%, one of the steepest consecutive drops in recent years. Foreign net selling hit record levels, signaling heightened investor caution.
Regional markets followed the same downward trend: the Thai SET Index fell over 4%, triggering an emergency halt, while futures and options on key indices and single stocks were suspended. The Nikkei 225 slid more than 4%, and the MSCI Asia Pacific Index lost 2%, leaving the region’s capital markets on high alert.
The Strait of Hormuz: Epicenter of the Shock
The core trigger of this turmoil is the shipping paralysis in the Strait of Hormuz, which channels roughly 20% of global oil and gas shipments. Over 150 oil tankers are stranded outside the strait, as shipowners and insurers refuse passage due to conflict risks. On 3 March, only one tanker successfully transited — a 95% reduction compared to normal operations, effectively shutting down this critical energy route.
Brent crude surged as a result, with domestic crude futures hitting record highs. Saudi Aramco is now exploring alternative shipping routes via the Red Sea port of Yanbu, consulting with Asian clients on revised pickup points to alleviate the transport bottleneck.
Global Supply Chains Under Pressure
The shipping disruption is causing alarm across industries. Surveys reveal that more than half of global companies now view geopolitical-induced supply chain paralysis as a top “black swan” risk over the next five years. Meanwhile, Dubai’s air transport — responsible for around 20% of global gold circulation — has been halted, injecting volatility into the precious metals market.
Partial Cushion Against Complete Collapse
Despite sharp losses, markets have avoided total panic. Contributing factors include:
Reduced oil dependency in developed economies
U.S. strategic reserves release
Experienced market participants managing emergency scenarios
Analysts warn that short-term volatility is likely to continue. Investors are advised to monitor developments in the Strait of Hormuz, energy markets, and regional geopolitical shifts, staying vigilant against further contagion effects.
Takeaways
Asia-Pacific equities are under extreme pressure but not fully collapsed.
Energy supply disruption is the primary market shock.
Commodities and precious metals are experiencing heightened volatility.
Close monitoring is crucial as geopolitical tensions unfold.
The 4 March 2026 episode underscores how fragile interconnected global markets remain, where disruption at a single chokepoint can cascade through equities, commodities, and supply chains.