South Korean stocks at one-week high * Philippine shares drop to its lowest since mid-November * India’s November inflation data due later in the day By Sneha Kumar Dec 12 – South Korean equities extended their rise for a third consecutive session on Thursday following a week of volatility stoked by political instability, while shares in Taiwan climbed after Chinese military presence eased in its vicinity. South Korea’s KOSPI rose as much as 1.1% to its highest level in a week, after President Yoon Suk Yeol’s martial law declaration earlier this month cascaded into a political crisis and public protests.
The index had lost 2.2% following the announcement, while the Korean won lost over 2% and traded lower for the day. The won is the worst-performing Asian currency this year, having depreciated over 10% so far. The MSCI’s gauge of Asian emerging market equities , of which South Korea and Taiwan occupy over one-third weightage, rose 1% on Thursday. Taipei shares rose 0.8% after a turbulent two days, in which the island contended with increased presence of Chinese military units.
The island-state’s defence ministry said it has detected fewer Chinese military aircrafts than previously reported. Globally, investors have fully locked in a 25 basis points rate cut by the U.S. Federal Reserve next week after November inflation figures came in line with market expectations. Markets are pricing in a nearly 99% chance of a quarter point cut, compared to 86% before the data, according CME’s FedWatch tool. Elsewhere, Philippine stocks shed as much as 0.7% to its lowest since mid-November with concerns about political stability, while the peso was up 0.2%.
“Tensions between President Marcos Jr. and Vice President Sara Duterte in the backdrop of the midterm elections, slated on May 12, 2025, may dampen investor sentiments and in return growth, but continuity in economic policies is anticipated to be the buffer,” Maybank analysts said. Equities in China gained 0.6% in its third session of tracking gains on hopes of further stimulus from the government, which has said it will adopt an “appropriately loose” monetary policy next year.
However, the yuan was flat in the wake of a Reuters report that said China was considering allowing a weaker yuan to weather tariff risks from the incoming Donald Trump administration in the U.S. MSCI’s emerging market currency index was largely flat, with the Thai baht up 0.1% and Indonesian rupiah down 0.1%. Shares in India were largely flat ahead of November inflation report later in the day. HIGHLIGHTS: Malaysia launches national AI office for policy, regulation
Thai cabinet approves measures to ease household debt ** South Korean President Yoon vows to ‘fight to the end’ Asian stocks and currencies at 0457 GMT COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCKS DAILY % % DAILY % YTD % Japan 0.16 -7.32 1.41 19.31 China 0.00 -2.26 0.64 16.12 India -0.04 -1.95 -0.08 13.30 Indonesia -0.09 -3.33 -0.78 1.84 Malaysia -0.05 3.56 0.13 10.36 Philippines 0.20 -4.88 -0.17 2.81 S.Korea -0.08 -10.06 0.85 -7.23 Singapore 0.10 -1.76 0.40 17.52 Taiwan 0.03 -5.43 0.75 28.69 Thailand 0.13 1.06 0.41 2.34
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