BENGALURU: South Korean stocks rallied on AI-fuelled gains in technology shares, while Thailand’s assets were little changed after the central bank delivered an expected hold on interest rates on Wednesday.
Earnings season has come as a boost for AI stocks globally after recently dropping over questions about whether returns on investments will come fast enough to justify companies’ massive expansion plans.
South Korea’s KOSPI posted its biggest jump in three months on an 11 percent rise in chipmaker SK Hynix, which posted a stronger-than-expected sevenfold jump in profit and outlined a 100-trillion-won (USD75.41 billion) shareholder return plan through 2026.
That helped MSCI’s emerging Asia equities index to advance more than 2.5 percent. Tech-peer Taiwan’s benchmark index rose 2 percent, helped by a 1 percent gain in chip giant TSMC.
In Thailand, the central bank kept interest rates unchanged on Wednesday, extending its pause for a fourth consecutive meeting after cutting borrowing costs by a cumulative 150 basis points between October 2024 and February 2026.
Thai stocks were down 0.3 percent, while the baht inched 0.2 percent lower.
Elsewhere, Philippine stocks fell more than 2 percent as oil prices rose after attacks on a Saudi refinery.
Most currencies across the region retreated against a steady US dollar as investors looked ahead to key central bank decisions. The South Korean won weakened to 1,339.70 per US dollar.
Indonesian assets also remained under pressure, with the rupiah weakening to as much as 18,185 per US dollar, leaving it within touching distance of the all-time low reached in early June.
Stocks in Jakarta fell 1.6 percent.
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