<ul>
<li>EM stocks and FX head for worst month in years</li>
<li>Jakarta leads losses as Indonesia worries deepen</li>
<li>Rupee hits record low; yuan stays resilient</li>
<li>Thai vessel hit keeps Hormuz risks in focus</li>
</ul>
By Roushni Nair and Sherin Sunny
March 13 (Reuters) - Most Asian equities and currencies fell on Friday as fresh attacks in Gulf waters kept crude near $100 a barrel, strengthening inflation fears and driving investors toward the safety of the U.S. dollar.
MSCI’s emerging market stock index (.MSCIEF) fell 1% on Friday and is down nearly 8% since late February, while the EM currency gauge (.MIEM00000CUS) slipped 0.3% and is off about 2% over the same stretch. The dollar index (=USD) reached its highest level since November 28, thanks to itssafe-haven appeal and also because the U.S. is a net energy exporter.
Iran’s new supreme leader, Mojtaba Khamenei, vowed to keep the Strait of Hormuz - the route for a fifth of global oil supply - closed, even as Washington tried to ease supply constraints with a 30-day waiver on stranded Russian crude.
The strains from the war are spilling into the real economy, with airlines flagging fuel concerns and flight cancellations leaving travellers stranded. Governments in India, Thailand and the Philippines have moved to prioritise household liquefied natural gas supplies. Meanwhile, Thailand demanded an apology from Iran after a Thai vessel was hit by a projectile in the Strait of Hormuz on Wednesday, causing a fire and forcing the crew to abandon ship.
Jakarta’s (.JKSE) stocks fell more than 2% on Friday, marking a third straight session of declines. Year-to-date losses were nearly at 17%, the weakest in the region. Indonesia has been hit by worries over policy credibility after Moody’s and Fitch both cut the sovereign outlook to negative, although some of those concerns eased after cabinet appointments on Thursday. Thai stocks (.SETI) and South Korean shares (.KS11) fell more than 1.6% each, while Taiwan (.TWII) and Malaysia (.KLSE) lost over 0.6% apiece. The Philippines (.PSI) fell 0.5% and India (.NSEI) declined 0.8%.
South Korea and Taiwan have been among the worst-hit equity markets in emerging Asia as investors cut exposure to artificial intelligence and other tech-cyclicals after a powerful early-year run left valuations stretched. South Korea has hit circuit breakers twice in the past two weeks, and has also activated sidecar measures - brief trading pauses used to cool sudden spikes in index-futures or program trades. In currencies, the Indian rupee (INR=IN) fell to a lifetime low on Friday. China’s yuan (CNY=CFXS) was one of the few regional gainers against its major trading partners, with a key trade-weighted measure showing it reached its strongest level of the year on March 6. Bank Negara Malaysia data also showed daily FX turnover was at $21.09 billion on March 12, suggesting market conditions remained orderly.
MUFG’s Lloyd Chan said investors were increasingly expecting tighter stances from several regional central banks, while any delay in easing of rates in the U.S. would support the dollar and keep Asian currencies under pressure.
HIGHLIGHTS: Thai consumer confidence rises in February India’s Modi speaks to Iran’s President Pezeshkian Malaysia increases petrol subsidies spending to keep fuel price steady
Asia stock indexes and
currencies at 0436 GMT
<h3>COUNTRY FX RIC FX FX YTD INDEX STOCK STOCK</h3>
<h3>DAILY % % S S YTD</h3>
<h3>DAILY %</h3>
%
Japan (JPY=) -0.14 -1.82 &lt;.N225 -1.21 3.78
*
China 

<h3>XS</h3>
*
*
India 

*
<ul>
<li>6</li>
</ul>
Indonesia (IDR=) -0.24 -1.51 &lt;.JKSE -1.81 -16.4
<ul>
<li>0</li>
</ul>
Malaysia (MYR=) -0.18 +3.18 &lt;.KLSE -0.68 1.15
*
Philippines (PHP=) -0.17 -1.15 (.PSI) -0.49 0.51
S.Korea 

<h3>TC</h3>
*
*
Singapore (SGD=) -0.05 +0.48 (.STI) 0.07 4.57
Taiwan 

*
*
Thailand 

*
*

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EMERGING MARKETS-Asia stocks, FX extend losses as Hormuz tensions keep oil near $100