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Kospi falls over 3 percent as EM stocks drop
The Hindu BusinessLine··14 Sept
Emerging-market stocks fell as West Asia tensions pushed investors toward safer assets. The MSCI developing-nation equities gauge dropped for a third straight session. South Korea’s Kospi slid more than 3 percent after major AI firms called for a slower development pace. Brent crude rose to $107.65 a barrel after Saudi Arabia closed its East-West pipeline following multiple attacks.
Prism
What It Means For You
- Energy-importing Asian currencies faced pressure as higher oil prices weighed on local markets.
- Traders are watching Federal Reserve, Bank of England and Bank of Japan decisions this week for rate clues.
- A planned Iran-Gulf meeting on a temporary Strait of Hormuz shipping lane was postponed, Oman’s foreign minister said.
What's Happening
- An emerging-market currency index was little changed after falling in the prior two sessions.
- The Thai baht and Philippine peso led losses in emerging Asia; the won and Taiwanese dollar also declined.
- Uncertainty over the global rate outlook added to equity pressure alongside the oil move.
What Moved Oil Prices
- Brent’s gain was reported at 2.9 percent to $107.65 after the East-West pipeline closure.
- That pipeline is described as a key Saudi alternative to the Strait of Hormuz for oil exports.
- AI-sector jitters linked to development slowdown calls weighed on Korea’s tech-heavy rally narrative.
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