KOSPI Overdue For Profit Taking On Wednesday

RTTNews | 5 days ago
KOSPI Overdue For Profit Taking On Wednesday

(RTTNews) - The South Korea stock market has moved higher in 11 straight sessions, surging more than 300 points or 9.6 percent along the way. Now at another fresh record closing high, the KOSPI sits just beneath the 3,450-point plateau although investors figure to lock in gains on Wednesday.

The global forecast for the Asian markets is soft ahead of the FOMC's rate decision later today. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

The KOSPI finished sharply higher on Tuesday following gains from the technology stocks, weakness from the chemicals and a mixed picture from the financial sector.

For the day, the index jumped 42.31 points or 1.24 percent to finish at 3,449.62 after trading between 3,418.10 and 3,452.50. Volume was 398.4 million shares worth 13.8 trillion won. There were 568 decliners and 297 gainers.

Among the actives, Shinhan Financial strengthened 1.43 percent, while KB Financial retreated 1.51 percent, Hana Financial eased 0.11 percent, Samsung Electronics rallied 3.79 percent, Samsung SDI improved 1.24 percent, LG Electronics added 0.53 percent, SK Hynix surged 5.14 percent, Naver rose 0.43 percent, LG Chem skidded 1.06 percent, Lotte Chemical tumbled 1.65 percent, SK Innovation tanked 1.87 percent, POSCO Holdings dropped 1.05 percent, Hyundai Mobis dipped 0.16 percent, Kia Motors lost 0.29 percent and SK Telecom, KEPCO and Hyundai Motor were unchanged.

The lead from Wall Street is weak as the major averages opened mixed on Tuesday but quickly turned lower and all ended under water.

The Dow slumped 125.55 points or 0.27 percent to finish at 45,757.90, while the NASDAQ fell 14.79 points or 0.07 percent to close at 22,333.75 and the S&P lost 8.52 points or 0.13 percent to end at 6,606.76.

The choppy trading on Wall Street came as traders seemed reluctant to make significant moves as the Federal Reserve began its two-day monetary policy meeting.

While the Fed is widely expected to lower interest rates by 25 basis points, traders will look to the accompanying statement as well as officials' latest economic projections for clues about the outlook for rates.

The Fed is widely expected to lower rates by another 25 basis points at both its October and December meetings, although Fed Chair Jerome Powell is likely to say future rate cuts will depend on incoming economic data.

Crude oil moved sharply higher on Tuesday amid the intensifying Russia-Ukraine war and ahead of the Federal Reserve's interest rate decision later today. West Texas Intermediate crude for October delivery was up $1.22 or 1.93 percent at $64.52 per barrel.

read more
CAC 40 Modestly Lower In Cautious Trade

CAC 40 Modestly Lower In Cautious Trade

French stocks are modestly lower on Monday with investors making cautious moves, looking ahead to the data on manufacturing and services sector activity in major European economies, and a key U.S. inflation reading this week.
RTTNews | 13 minutes ago
DAX Moderately Lower; Auto Stocks Lose Ground

DAX Moderately Lower; Auto Stocks Lose Ground

The German stock market is down firmly in negative territory on Monday, weighed down by losses in auto and financial sectors. The mood is down across global markets following the Trump administration announcing sweeping changes to the H-1B visa regime.
RTTNews | 27 minutes ago
European Shares Slide As Auto Stocks Weigh

European Shares Slide As Auto Stocks Weigh

European stocks were broadly lower on Monday as investors awaited a key U.S. inflation reading as well as comments from several Federal Reserve officials this week for additional clues on the Federal Reserve's rate trajectory.
RTTNews | 1h 58min ago
Asian Shares Mixed As Investors Ponder Fed's Rate Path

Asian Shares Mixed As Investors Ponder Fed's Rate Path

Asian stocks turned in a mixed performance on Monday as investors wondered how U.S. President Donald Trump's crackdown on immigration will reshape the world's largest economy in the short and long term.
RTTNews | 2h 21min ago
Dollar Edges Up After Fed's Cautious Rate Cut

Dollar Edges Up After Fed's Cautious Rate Cut

The six-currency Dollar Index which measures the U.S. dollar's strength against a basket of 6 currencies edged up during the week ended September 19 amidst a cautious rate cut by the Federal Reserve as well as status quo by Bank of England and Bank of Japan.
RTTNews | 2h 50min ago
European Shares Seen Mostly Lower In Cautious Trade

European Shares Seen Mostly Lower In Cautious Trade

European stocks are seen opening flat to slightly lower on Monday as investors react to the Trump administration's immigration crackdown on H-1B visas and shift focus to a slew of U.S. economic data as well as speeches by Fed Chair Jerome Powell and other Fed officials due this week for additional clues on the future path of interest rates.
RTTNews | 5h 26min ago
China Leaves Key Interest Rates Unchanged

China Leaves Key Interest Rates Unchanged

The People's Bank of China left its benchmark interest rates unchanged for the fourth straight month despite key indicators suggesting economic slowdown. The PBoC kept its one-year loan prime rate unchanged at 3.0 percent. Similarly, the five-year LPR, the benchmark for mortgage rates, was retained at 3.50 percent. The decision came in line with expectations.
RTTNews | 5h 37min ago