BENGALURU: Stocks in Indonesia jumped more than 1 percent to outperform a subdued emerging Asia on Tuesday as investors took advantage of low prices following sharp losses last week, while regional currencies remained muted against a firm greenback.
The Indonesian benchmark has been the worst performer in the region so far this year, down nearly 30 percent after an MSCI review in January highlighted the market’s opaque ownership, weak free-float visibility and unreliable trading data.
The Jakarta Composite Index rose as much as 1.4 percent to hit 6,203.704 on Tuesday, its highest level since September 28. It advanced 1.4 percent on Monday.
Philippine stocks declined as much as 1 percent a day after scoring their highest close in a week.
The country’s annual inflation accelerated to 7.2 percent in September, data showed, higher than expectations of 6.6 percent, per a Reuters poll.
South Korean shares, resuming after a holiday, lost 0.9 percent on the back of declines in chipmakers Samsung Electronics and SK Hynix.
Taiwan’s benchmark index booked a record closing high of 49,822.55, climbing 0.5 percent.
The Taiwan dollar strengthened as much as 0.3 percent to a near two-week peak, while the Philippine peso depreciated as much as 0.4 percent.
The Indian rupee weakened to its lowest point since July, ahead of the central bank’s interest rate decision on Wednesday.