Emerging Markets-Philippine assets remain weak after rate hike; Asian stocks gain on Nvidia beat

Philippine assets remained weak on Thursday after the central bank hiked its key rate by a quarter percentage point, as expected, to combat inflation and support the peso, while South Korean and Taiwan equities closed higher on Nvidia results. The peso `PHP=` held steady at **61.739** per dollar, lower than the previous session's close of **61.635**, after the Bangko Sentral ng Pilipinas raised its key interest rate by **25 basis points** to **5.00%** — a third consecutive tightening of policy. The hike comes as the Philippines grapples with inflationary pressures and a weak currency. The oil-sensitive peso is among the region's worst performers after the Middle East conflict drove up energy prices. "The hike was fully priced, so the muted market reaction makes sense. It makes me slightly more constructive on the peso, as the BSP is clearly prioritizing inflation control and currency stability," said Glenn Yin, director of research at ACCM. Manila equities `.PSI` remained in the red, last down **2.2%**, near their lowest since June 11. "Equities are a tougher call. Stronger second-half growth would help, but with Q2 growth at just 2.3% and rates moving higher, investors will want evidence before buying into the recovery narrative," Yin added. The South Korean won `KRW=` traded steady at **1,381.33** per dollar after the Bank of Korea lifted its benchmark interest rate to **3.00%** earlier in the session, along with raising its 2026 economic growth forecast. The central bank's hawkish stance along with strong export-led economic growth has helped the won fare better than Asian peers versus the dollar, gaining **4.3%** so far this year. The Taiwan dollar `TWD=TP`, also driven by chip exports, strengthened to **31.719** a dollar, near its strongest level since late June. Other emerging market currencies were weaker as the U.S. dollar strengthened overnight following inflation and other economic indicators that raised expectations for a Federal Reserve rate hike ahead of a Jackson Hole meeting of central bankers later in the day. South Korean stocks `.KS11` rose **1.5%**, and Taiwan equities ended **0.3%** higher. Both benchmarks posted a three-session win streak after Nvidia reported quarterly revenue that more than doubled and forecast third-quarter revenue above Wall Street estimates. The AI supply chain bellwether's results showed no signs of slowing demand for chips, reviving confidence in the AI trade after bouts of anxiety throughout the year. That helped shares of the world's dominant memory chipmakers — SK Hynix `000660.KS` and Samsung Electronics `005930.KS` — advance **2.5%** and **1.7%** respectively. Equities were mixed in Southeast Asia. Indonesian `.JKSE` and Thai `.SETI` stocks climbed **1.4%** and **0.3%** respectively, while those in Singapore `.STI` shed **0.6%**.

Emerging Markets-Philippine assets remain weak after rate hike; Asian stocks gain on Nvidia beat

Philippine assets remain weak after rate hike

South Korean and Taiwan markets gain on Nvidia results

Related News

HSBC files HKEX next-day return disclosing share buyback cancellation at GBP 15.21

Nasdaq trade halt continues WHLR.O reason not available at 03:58 AM

Emerging Markets-Philippine assets remain weak after rate hike; Asian stocks gain on Nvidia beat

NASDAQ Trade Halt Continues <YMT.O> Reason Not Available at 03:58 AM

World stocks steady as Nvidia outlook lifts tech shares