BENGALURU: South Korean shares reversed sharp losses and Taiwan stocks pared declines on Wednesday after US President Donald Trump acknowledged Democrats’ victory in Congress, easing political uncertainty.
The KOSPI closed 0.6 percent higher after plunging more than 4 percent, while Taiwan’s benchmark ended down 0.8 percent, recovering from a 3.3 percent slide.
Democrats captured majorities in both the Senate and House, delivering a sweeping electoral victory that extended deep into Republican strongholds such as Kansas and Texas.
Investors had initially worried that a Democratic-controlled Congress could lead to tighter oversight of data-centre projects and other sectors tied to the AI trade.
Elsewhere, Singapore’s Straits Times Index slipped as much as 1.5 percent to its lowest level since early July, extending its retreat to more than 10 percent from the record high touched in early September.
United Overseas Bank reported quarterly profit that missed analysts’ expectations; its shares fell 4.7 percent.
Thai stocks pared earlier losses to trade flat after a leading business group raised its forecast for the country’s economic growth this year to 2.4 percent-2.6 percent from 2.1 percent-2.5 percent, citing stronger manufacturing activity and exports.
Meanwhile, emerging Asian currencies were little changed, with the South Korean won gaining 0.2 percent and the Malaysian ringgit trading broadly steady. The Indonesian rupiah weakened to 18,170 per US dollar, not far from the record lows it hit in early June.