Asian markets plunge as Kospi trading halted for third time this week

Key Facts

1Trading on South Korea's Kospi index was halted for the third time this week to prevent panic selling.

Amid escalating global recession fears, Asian stock markets continue their sharp decline led by technology shares. Trading on South Korea's Kospi index was halted for the third time this week to prevent panic selling, according to media reports. The repeated circuit breaker reflects deepening investor panic over potential contagion to global markets.

The sell-off coincided with weak economic data from the eurozone, where services PMIs in Germany and France contracted more than expected, per market data. Last week's data also showed China's foreign direct investment falling 8.6% year-on-year, adding pressure on Asian tech stocks that rely on foreign capital inflows.

Investors are closely watching developments in South Korea, where sharp volatility could trigger regulatory intervention. Markets are also awaiting key economic data from the US and Europe next week to gauge recovery momentum. In the meantime, Asian markets are likely to remain under pressure amid persistent valuation concerns in the technology sector.