AI-driven tech rally lifts Taiwan, South Korea stocks; Asian currencies retreat
QQQ•Taiwan and South Korean stocks rose as AI-related technology shares rallied, while Asian currencies weakened against a firmer dollar. South Korea’s KOSPI gained nearly 7%, SK Hynix rose 11% after reporting a sevenfold profit jump, and the rupiah hovered near a record low.
1. Tech shares lead gains
Emerging Asian equities advanced on Wednesday, with the regional index up more than 2.4% and South Korea’s KOSPI rising nearly 7%. SK Hynix gained 11% after posting a stronger-than-expected sevenfold jump in profit and outlining a 100-trillion-won ($75.41 billion) shareholder return plan through 2026. Taiwan’s benchmark index rose 1.6%, including a 1.3% gain for TSMC.
2. Currencies weaken
Regional currencies retreated as the US dollar edged higher. The rupiah weakened to as much as 18,185 per dollar, near its record low, while Jakarta stocks fell 1.6%; the Philippine peso also hovered near an all-time low, and Philippine stocks dropped more than 2%.
3. Central banks in focus
Investors awaited the Bank of Thailand’s policy decision, with the central bank widely expected to keep its key rate unchanged. The baht was flat and Thai stocks fell 0.3% ahead of the decision. The Federal Reserve was widely expected to keep interest rates on hold.
