Equities in emerging Asia were mixed as investors turned their attention to progress in trade talks ahead of the July 9 deadline for Trump’s reciprocal tariffs.
Thai shares dropped 1.8 percent on the day but was set for their best week in eight. The Bank of Thailand left interest rates unchanged on Wednesday, mirroring other central banks in the region.
Thailand was slapped with a 36 percent US tariff on its exports and was among six of the nine Southeast Asian countries that were hit with larger-than-expected tariffs ranging from 32 percent to 49 percent. It is set to hold trade talks with Washington next week.
South Korean shares were down 0.8 percent on profit-booking following a post-election rally. However, the benchmark was on track for its best monthly gain since November 2020, rising 13 percent so far.
Philippines’ stocks rose more than 1 percent to hit a two-week high, while Singapore’s benchmark index gained 0.6 percent.
Markets in Indonesia and Malaysia were closed for public holidays.
The Taiwan dollar jumped to a more than three-year high on Friday on a weaker greenback, while other emerging Asian currencies were steady and equities mixed as investors exercised caution ahead of looming US tariff deadlines.
Taiwan’s currency hit its strongest level since early-April 2022 at 28.919 per US dollar, bucking the broader trend.
Traders attributed the currency’s ascent to expectations of Federal Reserve rate cuts, a weaker US dollar, and the continued flow of foreign capital into the island.
The currencies of other developing Asian nations were largely steady. The Thai baht slipped 0.1 percent and the South Korean won dropped 0.5 percent but logged its best week since June 2. The Philippine peso was up 0.2 percent.
