S.Korean stocks tumble as U.S. bank fears persist

The South Korean stock market tumbled on Tuesday as the biggest United States bank failure in nearly 15 years continued to rattle financial markets. The Korea Composite Stock Price Index fell by 1.99% during early morning trading.

Asian shares mostly fell the day prior, shaken by the Wall Street tumble that set off worries of ripple effects around the world. But, the falls were relatively subdued because of reassurances from U.S. officials that financial shocks would be mitigated. Before trading began in Asia, the U.S. Treasury Department, Federal Reserve and FDIC said that all Silicon Valley Bank (SVB) clients will be protected and have access to their funds and announced steps designed to protect the bank’s customers and prevent more bank runs.