South Korean Stocks Rise 3%; Indonesian Assets Fall
South Korean stocks closed up 3%. Indonesia’s rupiah neared a record low and stocks fell 3%; the Philippine peso hit a record low of 64 per dollar.
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South Korean stocks closed up 3%. Indonesia’s rupiah neared a record low and stocks fell 3%; the Philippine peso hit a record low of 64 per dollar.
Most emerging Asian stocks and currencies were headed for monthly losses on Wednesday as higher U.S. yields and a firm dollar weighed. South Korea and Taiwan were among the regional gainers, helped by chip demand and AI investment flows.
Regional equities and currencies fell on Wednesday, with oil-importing economies and deficit countries among the weakest. The won was the only regional currency to gain in September, while Indonesia's rupiah remained the worst performer this year.
Most regional currencies are set for monthly losses, with the rupiah down 0.9% in September and the Thai baht and Malaysian ringgit down more than 1.3%. Regional stock markets were mixed, while Thailand shares were on course for their steepest one-day drop since June.
Most regional currencies were subdued and set for monthly losses as higher U.S. yields and a firm dollar weighed on sentiment. The rupiah recovered after Bank Indonesia said it would intervene in the spot market when needed.