- Rupiah at over 3-month low
- Thailand stocks down 1.3%
- India shares down over 1%
Asian equities were mostly downbeat on Thursday, with shares in Thailand and Philippines leading the losses, while currencies in emerging markets were mixed as investors weighed tensions between Russia and the West.
Equities in Manila <.PSI> fell 1.2%, while shares in Bangkok lost 1.3% with investors flocking to safe-haven assets and shunning risky emerging assets on the back of concerns over the escalating conflict in Ukraine.
“Markets need to monitor the dangerous escalation in the Ukraine-Russia war, now driven by increased military engagements from both sides, strategic policy shifts, and heightened international involvement,” DBS analysts said in a note.
The Indian stock market was a major highlight among Asian equities, which were dragged down by a slump in Adani Group stocks following the indictment of its billionaire chairman in New York over his alleged involvement in a bribery and fraud scheme. Stocks in Mumbai fell as much as 1.1%.
Among other stock markets, shares in Taipei <.TWII> fell 0.2% after the bourse, dominated by chip-makers, tracked a move in AI-giant NVIDIA <NVDA.O> which dropped after a mixed earnings report.
“Taiwanese stocks, which are in large part also driven by the same AI narrative as NVIDIA, are also down a little in the early morning session, though the decline is quite modest,” said Lynn Song, chief economist, Greater China at ING.
Currency markets in developing countries in Asia were mostly mixed, with the Indonesian rupiah pinned at an over three-month low. Stocks in Jakarta <.JKSE> gained 0.3%.
The country’s central bank flagged there was less room for it to further ease borrowing costs, after staying pat on rates a day earlier.
“Bank Indonesia’s cautious tone after the Nov pause strengthens our base-case for another hold in Dec and possibly Jan,” said Citi analysts in a note.
Other currencies including the South Korean won <KRW=KFTC> and Malaysian ringgit gained 0.2% and 0.1% respectively.
HIGHLIGHTS:
** Indonesian central bank says will ensure balance in FX market
** Thai 2-year c.bank bond yield 2.1043% at auction
** Indian billionaire Adani charged in US with bribery; Adani Group shares tumble
| Asian stocks and currencies as of 0440 GMT | ||||||
| COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
| Japan | <JPY=> | +0.28 | -8.99 | <.N225> | -0.94 | 14.13 |
| China | <CNY=CFXS> | +0.04 | -2.00 | <.SSEC> | -0.10 | 13.10 |
| India | <INR=IN> | -0.01 | -1.44 | <.NSEI> | -0.91 | 7.24 |
| Indonesia | <IDR=> | -0.52 | -3.44 | <.JKSE> | 0.28 | -1.00 |
| Malaysia | <MYR=> | +0.13 | +2.85 | <.KLSE> | 0.02 | 9.89 |
| Philippines | <PHP=> | +0.05 | -6.04 | <.PSI> | -1.18 | 6.87 |
| S.Korea | <KRW=KFTC> | +0.23 | -7.85 | <.KS11> | 0.50 | -6.05 |
| Singapore | <SGD=> | +0.04 | -1.70 | <.STI> | 0.12 | 15.67 |
| Taiwan | <TWD=TP> | -0.24 | -5.64 | <.TWII> | -0.39 | 26.04 |
| Thailand | <THB=TH> | -0.14 | -1.47 | <.SETI> | -1.32 | 1.93 |
—Reporting by Roshan Thomas in Bengaluru; Editing by Stephen Coates
