BENGALURU: Indonesian stocks were set to post their worst month in nearly two decades on Friday, after a downgrade warning from MSCI deepened a market rout that left the rupiah hovering near record lows.
While the moves prompted Jakarta to unveil fresh market-support measures, investors remain cautious, with analysts warning that volatility could persist until there is greater clarity on Meanwhile, MSCI’s emerging Asia equities index fell 1.6 percent on Friday, dragged by a 3.5 percent drop in South Korea’s KOSPI and a 2.5 percent decline in Taiwan’s benchmark index.
Markets fell as disappointing earnings from technology heavyweights hastened a rotation out of AI-linked trades as investors increasingly scrutinize whether companies can sustain the Elsewhere, Singapore stocks and the Philippine benchmark index slipped about 0.2 percent and 0.4 percent, respectively.
The dollar index, which measures the US currency against a basket of peers, was a shade weaker at 101.72, lending some support to the regional currencies.
The Malaysian ringgit appreciated to 4.046 against the dollar, its strongest level since September 8.
The South Korean won rose to 1,332.51 a dollar, on track for a fourth consecutive monthly gain in October.
The won has benefited from booming semiconductor exports and AI-related investment.