BENGALURU: Indonesian equities slumped more than 5 percent to a six-year low on Monday as rattled investors exited stocks after MSCI’s latest warning, prompting authorities to unveil steps to tame the swings and set up talks with the index provider.
Malaysia’s benchmark stock index slipped nearly 1 percent to its weakest level in more than a year, following a 0.9 percent loss in the previous session after data released on Friday showed the economy grew 5.3 percent in the third quarter, easing from 6 percent growth in the previous quarter.
Seoul’s stock market opened 3.2 percent lower before reversing course to close up 1.8 percent on dip buying.
Singapore stocks inched 0.2 percent higher and the Philippine benchmark index jumped as much as 0.8 percent to a three-week high.
Equities in Taipei closed down 0.6 percent, recovering from a fall to their lowest level since mid-September earlier in the dayon concerns over whether lofty AI-related valuations can withstand rising financing costs.
Among currencies, the Taiwan dollar posted the biggest decline in the region, falling 0.7 percent to its weakest level since April last year. The currency has lost about 2 percent so far this month, its steepest monthly drop since March.
Taiwan’s central bank attributed the recent depreciation to the South Korean won appreciated to 1,327.02 per dollar, its strongest level since early October 2024.
The Indian rupee extended its winning streak to a sixth session, strengthening to 94.83.
The Jakarta Composite Index dropped 5.4 percent to its lowest level since October 2020, extending Friday’s nearly 12 percent plunge in its worst single-day decline in decades.
In a surprise move on Friday, MSCI said it would place Indonesia on a path to “standalone market” status, a steeper downgrade than the previously flagged “frontier market” classification.
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