มีข้อความพูดถึงประเทศไทยและมาเลเซียด้วยครับ
As the selloff in emerging markets intensified in the past week, India and Indonesia were left the most severely battered and bruised. Now analysts are concerned of a domino effect that could spread to the rest of the region.
(Read More: Brutality scorecard: Which emerging stocks have it the worst?)
Richard Yetsenga, head of global markets research at Australia's ANZ bank, told CNBC that India's troubles represent a "great microcosm" for what is happening in emerging markets right now.
"India is a microcosm in the sense that nothing domestic occurred to trigger this latest move," he said.
"India's current account deficit and budget deficit have been very wide for at least two years. It's only when U.S. bond yields really started going up and the free money tap turned off that it started to be manifested in the currency," added Yetsenga.
(Read more: What's really holding back growth in India)
Yetsenga said he expects India's fallout to be repeated across other emerging market economies, with those with high levels of external leverage being hit first, but then possibly spreading to other markets with high degrees of internal leverage.
"The cost of capital has gone up and that's causing issues everywhere. In that sense all of Asia is exposed to a higher global cost of capital," he noted.
"Places like Malaysia and Thailand have had particularly strong credit growth in the last couple of years, so they look fine from an external perspective but they have a high degree of internal leverage," he added.
He added that Singapore and Hong Kong's overvalued property markets also left them exposed.
(Read more: Hong Kong sees no shelter from housing storm)
"So there are a few other economies where you are likely to see the higher cost of capital have an impact," added Yetsenga.
Other analysts also flagged Malaysia as one country highly exposed to Fed tapering and rising Treasury yields. The country's currency - the ringgit - has fallen nearly 8 percent this year to a 3 year low, with selling accelerating last week in tandem with the emerging market selloff.
"We are seeing some concerns creeping in about Malaysia," said Frederic Neumann, MD & co-head of Asian economics research at HSBC.
"Malaysia's seen a dramatic deterioration of its current account surplus and...there's also suspicion that the underlying efficiency of the economy has deteriorated and that the government hasn't doesn't enough structural reform to turn around the trend in declining productivity growth," said Neumann, adding that outside of Asia, Brazil and Turkey were also cause for concern.
(Read more: Unlocking the playing field for emerging markets)
However, Neumann added that he did not think it was a good idea to group all emerging markets together as one, and there were some economies that he believed would prove resilient.
"I'm not sure this (concerns of an India-style crisis) applies to all emerging markets, if you look in Asia, the Philippines appears to be in much better shape, so is South Korea, and I think despit
cent sell-off, Thailand is as well," he said, referring to the losses of 3 percent on Thailand's benchmark equity index on Monday.
—By CNBC's Katie Holliday: Follow her on Twitter @hollidaykatie
http://www.cnbc.com/id/100973499 
ข่าว CNBC มา update ครับ (First India, then Indonesia... who is next?)
As the selloff in emerging markets intensified in the past week, India and Indonesia were left the most severely battered and bruised. Now analysts are concerned of a domino effect that could spread to the rest of the region.
(Read More: Brutality scorecard: Which emerging stocks have it the worst?)
Richard Yetsenga, head of global markets research at Australia's ANZ bank, told CNBC that India's troubles represent a "great microcosm" for what is happening in emerging markets right now.
"India is a microcosm in the sense that nothing domestic occurred to trigger this latest move," he said.
"India's current account deficit and budget deficit have been very wide for at least two years. It's only when U.S. bond yields really started going up and the free money tap turned off that it started to be manifested in the currency," added Yetsenga.
(Read more: What's really holding back growth in India)
Yetsenga said he expects India's fallout to be repeated across other emerging market economies, with those with high levels of external leverage being hit first, but then possibly spreading to other markets with high degrees of internal leverage.
"The cost of capital has gone up and that's causing issues everywhere. In that sense all of Asia is exposed to a higher global cost of capital," he noted.
"Places like Malaysia and Thailand have had particularly strong credit growth in the last couple of years, so they look fine from an external perspective but they have a high degree of internal leverage," he added.
He added that Singapore and Hong Kong's overvalued property markets also left them exposed.
(Read more: Hong Kong sees no shelter from housing storm)
"So there are a few other economies where you are likely to see the higher cost of capital have an impact," added Yetsenga.
Other analysts also flagged Malaysia as one country highly exposed to Fed tapering and rising Treasury yields. The country's currency - the ringgit - has fallen nearly 8 percent this year to a 3 year low, with selling accelerating last week in tandem with the emerging market selloff.
"We are seeing some concerns creeping in about Malaysia," said Frederic Neumann, MD & co-head of Asian economics research at HSBC.
"Malaysia's seen a dramatic deterioration of its current account surplus and...there's also suspicion that the underlying efficiency of the economy has deteriorated and that the government hasn't doesn't enough structural reform to turn around the trend in declining productivity growth," said Neumann, adding that outside of Asia, Brazil and Turkey were also cause for concern.
(Read more: Unlocking the playing field for emerging markets)
However, Neumann added that he did not think it was a good idea to group all emerging markets together as one, and there were some economies that he believed would prove resilient.
"I'm not sure this (concerns of an India-style crisis) applies to all emerging markets, if you look in Asia, the Philippines appears to be in much better shape, so is South Korea, and I think despit
—By CNBC's Katie Holliday: Follow her on Twitter @hollidaykatie
http://www.cnbc.com/id/100973499