(March 28): Most Asian emerging market stocks declined on Friday on worries over US tariffs, with equities in South Korea and Thailand particularly hit as the new US auto levies dented car and auto parts makers.

Thailand's benchmark index fell to its lowest in over a week and the baht slipped 0.4%, as Southeast Asia's biggest auto production centre and an export base for top car makers stood exposed to the new US auto duties.

"The US's higher import tariffs on automobiles and auto parts will weigh further on Thailand's ailing economy via an additional drag on the automotive sector," said Charnon Boonnuch, an Asean economist at Nomura.

Boonnuch also noted that the reciprocal and auto sector tariffs announced were a downside risk to Thailand's growth outlook.

The Stock Exchange of Thailand suspended all afternoon trading activities and went on a full halt after an earthquake struck neighbouring Myanmar and people rushed out of buildings in panic in Bangkok.

South Korea's Kospi tumbled more than 2% in its second straight day of losses, dragged lower by sharp losses in Hyundai Motor and sister automaker Kia Corp.

The index has lost more than 3% over the past two sessions as the two automakers lost billions of dollars in value.

South Korea' won and Taiwan's dollar slipped around 0.2% each.

Malaysia's ringgit, Singapore's dollar and the Philippine peso edged lower.

US President Donald Trump's tariff salvos since he took office in January have sent emerging Asian markets into a tizzy, resulting in heavy outflows from Southeast Asian equities.

Stocks in Indonesia and Thailand have lost 8% and 15.6%, respectively, in the quarter. The Indonesian rupiah is set for a near 3% decline.

Singapore remained a bright spot as its stock market marched towards its fourth consecutive quarter in the black, highlighting the resilience of the financial and trading hub.

On the day, the city-state's Straits Times index (STI) rose as much as 0.6% to breach the 4,000-level for the first time ever, though it pared gains in the afternoon to trade largely flat.

"Breaking this level suggests a strengthening sentiment, but sustaining it would depend on global stability and market fundamentals," said Daphne Tan, Director of Business Development at CMC Markets Singapore.

Analysts expect trade-reliant Southeast Asian economies to face limited direct impact from tariffs but note their vulnerability to reciprocal US duties, and slower growth in the global economy and key trading partners.

Indonesia's financial markets will be closed for a national holiday till April 7. Markets in Malaysia, Singapore, and India will also be closed on March 31.

Uploaded by Magessan Varatharaja