BENGALURU: Most Asian currencies firmed while stock markets were mixed on Thursday, with South Korean equities leading gains, as a softer US dollar and upbeat tech sentiment helped offset lingering uncertainty over Washington’s latest tariff plans.
South Korea’s benchmark KOSPI jumped 3.7 percent to a record 6,313.92, with chip-related stocks extending a run of strong gains after better-than-expected earnings from Nvidia boosted risk appetite.
The South Korean won was down about 0.1 percent.
The Bank of Korea held interest rates steady as expected for a sixth straight meeting and signalled policy would likely stay unchanged for the next six months, citing a chip-led export boom and steady inflation.
US trade policy remained in focus after the Supreme Court on February 20 struck down the Trump administration’s emergency tariffs.
US Trade Representative Jamieson Greer said some countries would face tariffs of 15 percent or more, up from the newly imposed 10 percent rate, but did not name trading partners or explain how higher duties would be applied where they conflict with existing US trade agreements.
That leaves Asian economies that signed bilateral trade and investment deals with the United States last year to secure lower tariff rates facing renewed risk, said Chi Lo, senior market strategist at BNP Paribas Asset Management.
If new tariffs end up above last year’s negotiated reciprocal rates, he said, countries may have to return to the table.
Elsewhere, Thailand’s central bank surprised markets on Wednesday with a quarter-point rate cut.
The baht was little changed, though Maybank warned it could lag regional peers despite support from dollar softness and elevated gold prices. Bangkok stocks rose 1.2 percent to their highest level in nearly 29 months.
The Malaysian ringgit was up just 0.1 percent but remained the region’s best performer this year, rising about 4.4 percent.
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