Singapore shares surge nearly 6%; other Asean benchmarks also pick up
Singapore’s 30-stock benchmark Straits Times Index surged 5.87% to 3,592.77 as of 10.47 a.m. local time on Thursday, reversing course from eight-straight days of declines.
Straits Times Index
The increase was broad-based across industries, with gains led by the financials, industrials and consumer non-cyclicals sectors.
The four best performing stocks on the index were SATS which rose 8.54%, Jardine Matheson Holdings which added 7.09%, Oversea-Chinese Banking Corporation which advanced 6.80% and DBS Group Holdings which increased 6.78%.
Strong gains were seen in Vietnam’s VN Index, which gained 6.64% and Malaysia’s KLCI which advanced 5.05%. Meanwhile Indonesia’s Jakarta Composite increased by 4.88% while and the Philippines’ benchmark PSI rose 2.05%.
— Amala Balakrishner
Chinese onshore yuan weakens on simmering trade tensions; other Asian currencies fluctuate sharply
Simmering trade tensions between the U.S. and China pushed the onshore Chinese yuan to its lowest level in close to two decades.
China’s onshore yuan dropped to the weakest level in nearly two decades with no signs of let-up in trade tensions between the world’s two biggest economies.
The onshore yuan rose marginally against the U.S. dollar to 7.3480 as of 10.11 a.m. Singapore time, after falling to its lowest level since December 2007 earlier in the day.
Meanwhile, the offshore Chinese yuan fell 0.27% against the dollar to 7.3629.
Other Asian currencies fluctuated sharply on Thursday.
Gains in the Japanese yen, moderated to 0.61% against the dollar to 146.82, after the currency, which is traditionally perceived as a haven during periods of market tumult, hit its strongest level since September 2024 the day before.
Hirofumi Suzuki, Chief FX Strategist & Head of Research Group in Treasury, at Sumitomo Mitsui Banking Corporation observes that the yen is being sold off while “stocks are being bought back heavily.”
However, he does not expect the continued selling of the Japanese yen to persist given how volatile markets are right now.
Elsewhere in the region, the Korean won fell 0.72% against the dollar to 1,455.82 while the Australian dollar slipped 0.18% to 0.6141 against the dollar.
— Amala Balakrishner
Taiwan shares surge over 9%, reversing course from three straight days of declines
Taiwan’s benchmark Taiex index surged 9.33% to 19,014.61 as of 9.50 a.m. local time, reversing course from three straight days of losses.
The rise was broad-based across industries, with gains led by the real estate, energy and industrials sectors.
The best performers include Lumax International Corp, Shinkong Synthetic Fibers Corp and Asia Plastic Recycling Holding, which all increased by 10%.
The iShares MSCI Taiwan ETF shows the index’s moves:
iShares MSCI Taiwan ETF
South Korea shares gain over 5% to highest level in a week
South Korea’s share average rose sharply on Thursday.
The Kospi index pared gains to 5.03% to 2,409.04 as of 10.22 a.m. local time, to its highest level in a week. The index has risen 0.26% since the start of the year.
Kospi index
The rise was broad-based across industries, and was led by the autos, technology, defense and manufacturing sectors.
Among the best performers in the index were tech giants SK Hynix which was up 11.27%, LG Display which gained 10.8% and Samsung Electronics which rose 4.91%.
Other key movers were Samsung Heavy which advanced 6.21%, Hyundai Motor which added 6.29% and Hyundai-Rotem which increased 9.36%.
Meanwhile, the small-cap Kosdaq was last seen up 4.73%.
— Amala Balakrishner
Japan wholesale prices rise more than expected amid U.S. tariff policy uncertainty
Japan’s producer price rose 4.2% in the year to March, data released by the central bank showed on Thursday, underscoring pressure from rising raw material costs that add to corporate pain amid uncertainty over U.S. tariff policy.
The rise in the corporate goods price index (CGPI), a gauge of prices that companies charge each other for their goods and services, topped market forecast for a 3.9% increase and followed a 4.1% gain in February.
The whole prices edged 0.4% higher on a month-on-month basis, the data showed.
— Anniek Bao
Japan’s Nikkei surges over 8% in early trade as Trump tariff pause fuels stock rally in Asia
Japan’s Nikkei 225 share average rallied significantly on Thursday, leading gains in Asia-Pacific.
The benchmark surged 8.83% as at 9.25 a.m. local time to 34,508.62, crossing the 34,000 threshold after six days.
Nikkei 225
Stock market’s historic rally by the numbers
For the 30-stock Dow Jones Industrial Average, it surged nearly 3,000 points, or 7.87%, scoring its biggest advance since March 2020. The 12.16% surge for the tech-heavy Nasdaq Composite marked its second-best day ever.