BENGALURU: Most Asian equities were set for their strongest week in more than a month on Friday, buoyed by a rally in technology shares, with Taiwan’s benchmark index hitting a record high and South Korea’s KOSPI climbing to a two-week peak.
A robust rally in artificial intelligence-related stocks has been a key driver behind the surge in Taiwan and South Korean stocks, with heavyweight chipmakers and tech suppliers benefiting from robust demand for AI infrastructure. An MSCI gauge of emerging Asian equities inched 0.1 percent higher on Friday, heading for a 1.7 percent gain this week in what could be its best week since late November. South Korea and Taiwan make up 40 percent of the index.
Taiwan equities rose as much as 0.8 percent in their fifth straight session of gains and hit a record high of 28,590.91. The benchmark has gained 3 percent so far this week, poised for its best week since late November.
South Korea’s KOSPI climbed as much as 0.8 percent to its highest level since December 12. It has risen 2.5 percent this week, set for its strongest week since early December.
Among other stock markets, Singapore traded largely flat but was on track for its best week since October-end with a 1.5 percent gain.
Philippine stocks rose 0.1 percent, heading for a 2.2 percent weekly gain in what could be their best week since late November.
Stocks in Thailand shed 0.4 percent and those in Malaysia slipped 0.3 percent on Friday. However, both markets were up about 0.5 percent for the week. Among currencies, the Malaysian ringgit rose 0.3 percent, hitting its highest point since 2021. The region’s best currency of 2025 has appreciated more than 1 percent this week, eyeing its best week since mid-May.
“The ringgit continues to benefit from Malaysia’s stable macro backdrop, ongoing structural reforms and selective investor flows,” analysts at Kenanga Investment Bank said in an earlier note.
Comments
Comments are closed for this article.