After multi-billion dollar life lines for troubled Korean banks eased the strain on the global financial system and bolstered market optimism that the US Fed will scale back its rate-hike campaign, currencies and stocks Southeast Asia rose on Friday. Many analysts say this was helped by regulators and many banks taking quick action to quell the market turmoil.
He Philippine peso it gained 0.5% and had its best week since February 24. indonesian rupiah and thai baht had its biggest weekly gains since Jan. 13.
Shares in Thailand rose 0.4% but saw their worst week in five months,
Malaysian shares rose as much as 1.5%, on track for their biggest day in more than three months.
Singapore shares rose 0.7% but were still heading for their eighth straight weekly loss. According to the city-state, the banks’ exposure to troubled Swiss bank Credit Suisse was minimal. Meanwhile, domestic non-oil exports declined in February, as many observers had predicted.
For Malaysia, the benchmark 10-year yield held steady at 3.971%, and the ringgit was heading for its highest week since Jan. 27.
As banking concerns ease, South Korean markets end volatile week flat
The tumultuous week ended on a rise as bailout measures helped ease investor concerns about global banking instability. Benchmark bond yields rose as the Korean won rose and had its best week in two months.
The secondary equity index (.KS53) rose 0.89%, while the main financial index (.KS49) rose 0.80%. However, each ended the week with 2% and 2.81% less.
The KOSPI (Korea Standard Stock Price Index) ended the day up 17.78 points, or 0.75% ($2,395.69). At the end of the week, it was up 0.05% after hitting a more than two-month low.
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