Asian stock indices declined because of escalating tensions in Ukraine. The SSE Composite Index and the SZSE Component Index fell by 0.89% and 1.28%, respectively. The Hang Seng Index sank by 3.06%. The KOSPI index dropped by 2.32%, while the Nikkei 225 shed 2.06%. The S&P/ASX 200 decreased by 2.88%.
Rising geopolitical tensions affect stock markets worldwide.
Russian President Vladimir Putin announced the start of a special military operation in Donbas. The heads of the Donetsk and Lugansk People's Republics (DPR and LPR), Denis Pushilin and Leonid Pasechnik, asked Vladimir Putin to offer help in repelling the aggression from the Ukrainian Armed Forces. Putin sent military troops as the parties signed the friendship and mutual assistance treaties.
Ukrainian President Volodymyr Zelensky declared martial law, asking allies to take measures against Russia.
The Nikkei 225, which measures the performance of 225 large, publicly owned companies in Japan, lost more than 600 for the first time in the last year and three months.
The list of companies incurring the biggest losses includes - SoftBank Group Corp. (-6.7%), Fujikura, Ltd. (-6.5%), and AGC Inc. (-6.1%). Shares of Toyota Motor Corp. and Honda Motor Co., Ltd. dropped by 1.9% and 1.7%, respectively
On the Hong Kong Stock Exchange, shares of Sands China, Ltd., Alibaba Group Holding, Ltd., and Alibaba Health Information Technology, Ltd. tumbled the most, falling by 7%, 6.6%, and 5.9%, respectively.
Hyundai Motor Co., Ltd. (-4.7%) and Kia Corp. (-3.3%) as well as Samsung Electronics Co. (-2.2%) stocks experienced the largest decrease on the Korean Stock Exchange.
On the Australian Securities Exchange, shares of BHP (-2.7%) and Rio Tinto (-3.3%) fell significantly.
