BENGALURU: South Korea’s equity benchmark scaled another record high on Monday, fuelled by strong export data and upbeat earnings from tech firms, while Philippine equities slumped to hit a three-year low.
Broadly, the MSCI index of emerging Asia stocks jumped 0.8 percent, led by the KOSPI index’s 2.8 percent advance to a record high of 4,221.92 points. A subset of ASEAN stocks also jumped 0.4 percent.
Gains in the KOSPI index were led by a jump in SK Hynix and Samsung Electronics. The index has scaled record highs 12 times since the start of October.
Meanwhile, data showed South Korea’s exports unexpectedly rose in October on robust demand for chips and ships.
In Indonesia, stocks advanced 1.3 percent but remained around 100 points shy of their record highs. The Jakarta composite index logged its fourth consecutive monthly gain in October, bolstered by Bank Indonesia’s pro-growth stance.
The central bank unexpectedly kept key interest rates unchanged last month, but signalled room for further rate cuts.
Meanwhile, stocks in the Philippines tumbled around 3 percent to their lowest level since early October 2022.
The equity benchmark has slid nearly 11 percent this year, and is one of the worst performers in the region, as a weak growth outlook and a major government scandal drove investors away.
Foreign investors net sold 42.07 billion Philippine pesos (USD723.74 million) worth of shares in the first nine months of the year, a sharp contrast from 4.74 billion peso inflows last year, as per the stock exchange data.
“The PSI has not only continued its downward trend amid weak growth expectations, undermining investor confidence, but has also reflected recent allegations of corruption on public-works projects,” said Glenn Yin, director of research at AC Capital Market.
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