Middle East escalation hits KOSPI and KRW

South Korean markets also closed sharply lower on Friday due to escalating tensions in the Middle East, a first loss after seven market days of gains.

The benchmark KOSPI slid nearly point-9 percent to finish at 2-thousand-8-hundred-94 --falling back below the 29-hundred mark.

On the other hand, as the Middle East crisis is expected to drive up global oil prices and shipping rates, oil stocks and shipping stocks rallied.

The Korean won also took a hit, closing at 1-thousand-3-hundred-69-point-6.

This is a jump of 10-point-9 won compared to the day before, while it also went beyond the 1-thousand-3-hudrend-70 range during the day.