Oil shocks, Mideast tensions weigh on ASEAN markets

BENGALURU: 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 percent, closing comfortably above the 7,000-point mark for the first time, led by gains of 4.9 percent in SK Hynix and 3.7 percent in Samsung Electronics.

Taiwan’s tech-heavy benchmark, however, erased early gains to end little changed.

Indonesian stocks gained as much as 1.9 percent 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 percent.

The country’s central bank left its benchmark interest rate steady at 5.75 percent on Wednesday, defying wide market expectations of another consecutive hike of 25 basis points.

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.