Emerging Asian equities edged up 0.1% but remained near a three-month low and were on track for a fourth weekly loss, as concerns about AI funding needs drove investors toward safe havens. South Korea’s KOSPI rebounded 0.3% after falling as much as 4.1%, while the Philippine peso hit a record low of 63.523 per dollar.
Emerging Asian equities recovered some ground but stayed near a three-month low as worries about AI’s funding needs prompted a move into safe havens. The MSCI emerging Asia equities index rose 0.1% and was on track for its fourth consecutive weekly loss.
South Korea’s KOSPI closed 0.3% higher after dropping as much as 4.1% during the session. SK Hynix rose 4.4% after deciding to delay a planned US listing for its Solidigm chip unit due to market volatility. The initial selloff followed a 2.6% decline in the Nasdaq after Meta posted its first cash outflow in more than a decade because of AI-related expenditures.
The Philippine peso fell to a record low of 63.523 per dollar, while the Indonesian rupiah slipped to 18,080 per dollar, its weakest level since late July. Crude hit a five-month peak of $114.10 a barrel, while the 10-year US Treasury yield fell 19.3 basis points, its largest daily drop since March 2023, and remained below 5%.
