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(Bloomberg) — The slide in the Asian tech stocks pushed the benchmark for emerging markets to the lowest in three months, though the pullback in oil prices helped shield European bourses and currencies from the selloff.
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The MSCI Emerging Markets Index was down 3.6% by 9:52 a.m. in London, the biggest intraday drop since late June and pushing the gauge to the weakest since April.
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South Korean stocks suffered a series of trading suspensions on Tuesday, as the weakness in chipmakers spread across sectors. The benchmark Kospi Index plunged nearly 11%, with Samsung Electronics Co. and SK Hynix Inc. tumbling over 13% each.
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Taiwan’s EM index heavyweights followed those declines, with Asian stocks as a whole on course for a technical correction.
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European markets were better off as the pause in fighting between the US and Iran helps ease pressures on energy costs. Bourses in Budapest, Prague and Warsaw each moved less than 1% in morning trading, with the three main central and eastern European currencies steady against the euro.
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“Markets have been caught between a new selloff in chipmakers and the positive news that the US-Iran pause from over the weekend would continue as both sides negotiate,” Deutsche Bank AG analysts led by Jim Reid wrote in a note.
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In Asian FX, the rupee gained as the Reserve Bank of India sold dollars to shore up the local currency and lower oil prices supported the unit.
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Indonesia’s rupiah extended losses as the surprise resignation of the central bank governor on Monday raised concerns over the policy outlook.
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