Japanese, South Korean stocks close down Monday amid surging oil prices

China

Japanese, South Korean stocks close down Monday amid surging oil prices

2026-03-09 20:13 Last Updated At：21:47

Japanese and South Korean stocks closed down on Monday amid surging global oil prices, with benchmark indexes dropping more than 5 percent.

The stocks tumbled sharply in early trade Monday, and later, the declines narrowed.

Japan's benchmark Nikkei stock index lost over 2,800 points on Monday, marking the third largest point drop in history.

The 225-issue Nikkei Stock Average ended down 2,892.12 points, or 5.20 percent, from Friday at 52,728.72.

The broader Topix index, meanwhile, finished 141.09 points lower, or 3.80 percent, at 3,575.84.

On the stock market, the Nikkei stock index briefly plunged over 7 percent in morning trading, as crude oil futures surged to the highest level since June 2022 amid growing concerns about a prolonged conflict in the Middle East, analysts said.

"Over in Tokyo the Nikkei 225 fell 5.2 percent and the Topix index -- that's a broader index over in Tokyo -- was down 3.8 percent. The Nikkei had actually been looking like it might touch 8 percent lower at one stage today, and like the other regional markets, it did manage to come back a little bit off those intraday lows. At one point as well, it looked like it might actually trigger the market circuit breaker which would've seen trade suspended. Tokyo too saw a tech sell-off with the big chip stocks down very heavily. Advantest was off by 11 percent and Tokyo Electron was down almost 7 percent," said China Global Television Network (CGTN) market analyst Timothy Pope.

"And it's not really ridiculous that this huge jump in the crude oil price, like the one we saw today, could continue to drive these markets lower, because it's going to have an impact right along the line, and if oil stays higher for longer, it will bite into corporate profits," said Pope.

South Korea's benchmark KOSPI on Monday dived 333.00 points, or 5.96 percent, to close at 5,251.87, and the smaller KOSDAQ plunged 52.39 points, or 4.54 percent, to finish at 1,102.28.

The KOSPI opened 5.72 percent lower and plummeted over 8 percent during the trading, triggering a circuit breaker in the KOSPI market in the morning session.

The level 1 circuit breaker is activated when the index drops more than 8 percent for at least 1 minute to suspend trading for 20 minutes.

After the 20-minute suspension, trading resumes following a 10-minute single-price auction period.

In the KOSDAQ market, a sell-sidecar was issued to halt program trading orders for five minutes.

The KOSDAQ sidecar is triggered when the KOSDAQ 150 futures rise or fall by over 6 percent and the KOSDAQ 150 index rises or falls by over 3 percent simultaneously for at least 1 minute.

Foreign and institutional investors dumped shares in a panic as global oil prices neared 120 U.S. dollars per barrel.

Age-friendly products make life easier for seniors

An increasing number of age-friendly products have hit the Chinese market and made life easier for senior citizens, as part of a nationwide effort to serve rapidly growing elderly population.

In an old residential building in Beijing's northern suburb, the first thing 78-year-old Gong Meilin does when she gets home every day is sitting on the armrest-equipped shoe-changing bench in the entryway, before standing up with the help of the handles.

"Every time I enter the house, I sit right here. I find this chair very convenient, and it has two armrests. When I get up, I can stand up easily by holding them," she said.

Previously, she used a small round stool instead, which, she said, was not quite unstable.

In addition to the armrest-equipped shoe-changing bench, a shower chair and toilet grab bars have been set up in Gong's house, which are very helpful, she said.

"Only after actually using them did I realize how convenient they are for elderly people, and they are truly necessary," she said.

According to Chinese Center for Disease Control and Prevention (China CDC), on average, three to four out of every 10 people over 65 years of age have experienced falls, with over half occurring in bathrooms or toilets.

Although home age-friendly modifications are becoming an urgent necessity, many seniors know little about the items, dare not buy them, or don't know where to buy.

To address the elderly consumers' concerns, Wang Youguang, chairman of Jiazi Elderly Care Services, opened an offline experience store displaying 15,000 age-friendly products in 10 major categories. Among them are mobility aids and cleaning supplies.

Customers can try using them, and feel their convenience. The items range from anti-slip shoes and handrails at dozens of yuan to nursing beds priced over 1,000 yuan.

"Look, this handrail is only 30 yuan, this one only 60 yuan. Basically, these are the most people-friendly prices in our industry," said Wang.

In 2025, six ministries including the Ministry of Commerce announced to include age-friendly products in the country's subsidy program, with some regions offering up to 30 percent subsidies for eligible elderly items.