Emerging Asian equities were mixed on Thursday as a sharp rally in South Korean stocks offset weakness in parts of Southeast Asia, where investors remained wary of rising oil prices and escalating tensions in the Middle East.
South Korea's benchmark jumped 4.4%, closing comfortably above the 7,000-point mark for the first time, led by gains of 4.9% in SK Hynix and 3.7% in Samsung Electronics.
Taiwan's tech-heavy benchmark, however, erased early gains to end little changed.
"Korea remains one of the largest beneficiaries of the AI investment cycle, with strong earnings momentum in semiconductors attracting global capital," said Billy Leung, investment strategist at Global X ETFs Australia.
Indonesian stocks gained as much as 1.9% to touch their strongest level since May 20. That puts the benchmark's advance from the multi-year lows struck in early June at more than 20%.
The country's central bank left its benchmark interest rate steady at 5.75% on Wednesday, defying wide market expectations of another consecutive hike of 25 basis points.
Instead of raising rates, Bank Indonesia (BI) moved to support the rupiah by making hedging cheaper and offering incentives to attract foreign portfolio inflows without pushing up domestic borrowing costs.
The rupiah slipped to 17,925 against the dollar on the day. It had firmed to 17,870 per dollar before BI's decision on Wednesday.
Singapore shares lost their footing, sliding as much as 0.9% and breaking a two-day winning streak. Philippine stocks edged 0.2% higher, while Thai stocks rose 0.3%.
"Asean has suffered from several years of equity outflows, weaker earnings momentum and concerns around trade and tariff exposure," Leung added.
"If global growth remains resilient, the Fed continues to ease and Asean earnings begin to inflect higher, there is scope for a selective catch-up trade, particularly in markets benefiting from domestic stimulus and improving earnings expectations."
JPMorgan upgraded Thai equities to "neutral" from "underweight", as the brokerage pointed to steadier politics on the ground and a fresh wave of foreign money flowing back into the region.
Currencies elsewhere in the region were mostly muted, with the South Korean won strengthening to 1,465.1 against the dollar, its highest level since early May.
The Taiwan dollar firmed to 32.23 per dollar in the session, while the Singapore dollar rose to 1.289 per dollar.
Conversely, the Indian rupee weakened to hover near a record low of 97 per dollar.
Source: TheEdge
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<p>Time: November 2025<br /> By: WTO and International Trade Group, Legal Department – VCCI</p>
