KOSPI slipped 2.2% on Tuesday and was by far the worst performing Asian market in March, with a decline of nearly 17%

Asian stocks were mixed on Tuesday as markets parsed more signals on the U.S.-Israel war on Iran, with markets nursing deep declines in March on headwinds from the war.

Nikkei 225 and KOSPI were the worst Asian performers in March, with the two also hit by a rout in heavyweight technology stocks.

Asian markets took limited cheer from this report, given that a prolonged closure in Hormuz stands to continue disrupting oil and gas supplies in the region.

KOSPI slipped 2.2% on Tuesday and was by far the worst performing Asian market in March, with a decline of nearly 17%.

The KOSPI joined a broader rout in Asian markets amid heightened concerns over energy supply disruptions caused by the Iran war.

But losses in the KOSPI were exacerbated by sharp selling in chipmaking stocks, especially Samsung Electronics Co Ltd and SK Hynix Inc. The two were battered by growing questions over long-term chip demand from the artificial intelligence industry.

Shanghai Shenzhen CSI 300 and Shanghai Composite indexes dropped 0.6% and 0.4%, respectively, while Hang Seng index also dropped 0.4%.

Losses in the two came despite positive purchasing managers index data for March, with manufacturing activity growing more than expected, while non-manufacturing activity unexpectedly grew.

The PMI data pointed to some improvement in business activity in world’s second-largest economy, amid strong export demand and continued support from Beijing.

Broader Asian markets were set for steep losses in March, as investors fretted over the impact of the Iran war. Several Asian countries are seen especially sensitive to disruptions in oil and gas supplies in the Strait of Hormuz.

After South Korea, Japanese markets were the worst Asian performers in March, with the Nikkei 225 set to lose more than 9%. The broader TOPIX index was down almost 10% this month.

Japanese markets were also spooked by persistent concerns over more interest rate hikes by the Bank of Japan.

Nifty 50 was also nursing an over 9% decline in March, with the country seen particularly sensitive to disruptions in oil imports.

ASX 200 was trading down 7% this month, following an interest rate hike from the Reserve Bank of Australia.

Straits Times index was among the better performers in March, and was nursing only a 1.6% decline.