MSCI’S index tracking emerging market stocks hit a record high yesterday, driven by gains in tech-heavy Asian bourses, while currencies were mixed as investors watched for developments in the Middle East.
The index tracking global EM stocks rallied 1.2 per cent to a record high, putting it on track for a fifth session of gains, its longest run since the Iran war started.
The rise was powered by a 2.3pc jump in South Korea’s KOSPI , which extended its stay at record levels.
Chipmaker SK Hynix soared 9.3pc to hit $1 trillion in market valuation, while Samsung climbed 2.7pc after workers agreed to a wage deal. AI-heavy Taiwanese stocks added 1.7pc.
Stocks in Asian EMs, especially South Korea and Taiwan, have benefited from a surge in appetite for AI, as investors overlooked the region’s reliance on Middle East energy, which can impact inflation and economic growth.
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