Oil shock hits Asian tech stocks while European selloff pauses

Selling in hard-hit European shares paused as the focus shifted to Asia - including a record-breaking crash in Seoul, where investors dumped chipmakers on fears of the widening war

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Selling in hard-hit European shares paused on Wednesday as the focus shifted to Asia-including a record-breaking crash in Seoul, where investors dumped chipmakers on fears the widening Middle East war will create an oil price shock, raising inflation and delaying interest rate cuts.

Stocks in Dubai and Abu Dhabi down on Wednesday as markets reopened after a two-day halt following Iran's conflict.

Saudi Arabia's benchmark index finished 1.28 higher, on course to extend the previous session’s gains, led by an increase of 1.38 in Al Rajhi Bank.

Jabal Omar Development - which runs the Jabal Omar complex of hotels and property within walking distance of the Grand Mosque in the Muslim holy city of Mecca - advanced about 68, following a steep rise in annual profit.

Elsewhere, budget airline flynas jumped 4.38, ending a three-session losing streak.

However, oil major Saudi Aramco slipped 2.38. Oil prices rose about 18 as U.S.-Israeli strikes on Iran disrupted Middle East supplies, but the pace of gains slowed from past sessions after President Donald Trump suggested the US Navy could escort vessels through the Strait of Hormuz.

In Qatar, the index added 0.88, with Qatar Islamic Bank advancing 2.28.

However, Industries Qatar eased 0.3%, as the petrochemical maker announced plans to suspend and cut some products. Muscat's index rose 0.48, whereas the Bahraini index was down 1.38.