Emerging market stocks slipped on Thursday, with Asian bourses under heavy selling pressure as optimism about China's reopening from COVID-19 restrictions gave way to fears about the spread of the virus globally.
Stock markets in Shanghai, Hong Kong, Taipei and Seoul fell in the range of 0.4% and 1.9%. In its final trading day of the year, South Korea's benchmark KOSPI recorded a 25% loss in 2022, its worst yearly performance since 2008. Adding to the glum mood, Russia fired more than 100 missiles into Ukraine on Thursday, targeting the capital Kyiv where three people were wounded, the northeastern city of Kharkiv, and other cities in a large-scale bombardment, Ukrainian authorities said.
Overall, EM currencies found breathing space as the dollar slipped. The South African rand, the Hungarian forint and the Polish zloty rose in a range of 0.1% and 0.6%.
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