Topic
plunge
Finance Kospi Plunges 7% into Bear Market as Strait of Hormuz Closure Sparks Global Sell-Off
South Korea's Kospi index fell 511 points to 6,964.76, a 7% decline, placing it in bear market territory 25% below June peak. The sell-off was triggered by Iran's claim of closing the Strait of Hormuz, pushing oil prices up more than 4%. Technology heavyweights SK Hynix and Samsung Electronics led losses, falling 10% and 6% respectively. Despite the correction, the Kospi remains the world's best-performing major index in 2026, up 63% year-to-date.
Trade India Silver Imports Plunge 82% in May After Duty Hike to 15%
India's silver imports plunged 82% to US$76 million in May from US$411 million in April, following a government duty hike from 6% to 15% and reclassification to 'restricted' category. The measures came after silver imports surged 149.6% to a record US$12.05 billion in FY2025-26. A GTRI report warns the duty hike widened the tariff advantage for imports routed through the UAE under the India-UAE free trade agreement, creating an 8 percentage-point differential.
Trade India's Silver Imports Plunge to Over Three-Year Low in May as Curbs and Higher Duties Hit Inflows
India's silver imports tumbled to their lowest level in over three years in May, dropping 87% year-on-year to $75.57 million, as the government tightened import restrictions and raised duties to 15%. In volume terms, imports plunged 94% to 33 metric tonnes, the weakest since February 2023. The measures aim to curb precious metal imports and ease pressure on the rupee and trade deficit.
Commodities India’s Silver Imports Plunge 87% in May After Government Curbs Bite
India's silver imports fell 87% year-on-year in May 2026 to $75.57 million and 33 metric tons, the lowest in over three years, as the government tightened import curbs on nearly all forms of silver. The restrictions, including a duty hike to 15%, aim to reduce pressure on foreign exchange reserves. Lower imports by the world's largest silver consumer could weigh on global prices and narrow India's trade deficit.