Asian Stock Markets Rise, While Indonesia’s Market Suffers a Sharp Decline

Hong Kong, October 16. Asian stock markets mostly rose on Friday. Markets partially recovered following a sell-off in technology stocks, while Indonesia’s stock market fell by more than 10% after a warning from global index provider MSCI.

MSCI said Indonesia’s status as an emerging market could be downgraded. The announcement heightened investor concerns and increased the risk of capital outflows from the country.

South Korea’s Kospi index rose 3.6%, while Japan’s Nikkei 225 gained 1.9%. Hong Kong’s Hang Seng index increased by 1.2%, and the Shanghai Composite rose 1%. In the United States, the S&P 500 closed up 0.3%, the Dow Jones gained 1.1%, and the Nasdaq rose 0.1%.

Kevin Warsh, chair of the U.S. Federal Reserve, said artificial intelligence could create significant opportunities for the U.S. and global economies. However, shares of chipmakers such as Nvidia and AMD continued to decline.

Tensions in the Middle East and concerns about oil shipments through the Strait of Hormuz continued to affect energy markets. Brent crude fell 0.4% to $105.46 per barrel. This remains significantly above the pre-conflict level of approximately $72 per barrel.

In currency markets, the U.S. dollar fell to 157.83 Japanese yen, while the euro rose to $1.1228.