Asian emerging market equities fell sharply on Friday, with the MSCI Emerging Asia Stock Index declining over 1.7% due to rising oil prices and stalled U.S.-Iran peace talks. The Korea Composite Stock Price Index (KOSPI) led the downturn, plummeting more than 5% and triggering a sell-side circuit breaker that paused automated trading for five minutes. According to Song Zhe of BNP Paribas Asset Management, the market pressure is attributed to profit-taking after a strong rally since April, rather than a shift to a full 'risk-off' sentiment.