Emerging Asian stocks advanced at the start of the new year, led by gains in technology companies. Most regional currencies traded in narrow ranges.
The MSCI emerging markets index rose as much as 1.1% on Friday, trading at its highest level since late October. That extends last year’s momentum, when the gauge notched gains of more than 30% to beat global peers amid AI-driven optimism. An EM currency index was little changed, while the dollar eased.
The equity gains come amid holidays in several markets, with exchanges in Japan, New Zealand, China and Thailand shut.
In Hong Kong, shares of Shanghai Biren Technology Co., an artificial-intelligence chip designer, surged 82% in their trading debut on Friday. The jump follows the firm’s initial public offering raised $717 million and underscores China’s growing ambitions to develop its domestic chips industry. Shares of Samsung Electronics Co. and Taiwan Semiconductor Manufacturing Co. also traded higher.
In South Korea, central bank Governor Rhee Chang Yong said recent won weakness doesn’t reflect the real strength of the economy, and vowed to oppose any US investment decisions that could threaten the stability of the currency market.
The won was trading 0.2% weaker at 1442.14 per dollar on Friday, among the worst performers in Asia on the day. The currency’s weakness came even as the country’s stock market rose to a record high.
Rhee’s comments follow a recent bout of volatility in the currency, which saw it slide toward levels last reached during the global financial crisis.
“While it is difficult to identify a precise appropriate exchange rate level, the recent rise into the upper 1,400s appears to be substantially misaligned with our economic fundamentals,” Rhee said on Friday.
This article was generated from an automated news agency feed without modifications to text.
