KOSPI: Resistance Expected At 2.400 Points

RTTNews | 1013 days ago
KOSPI: Resistance Expected At 2.400 Points

(RTTNews) - The South Korea stock market on Wednesday snapped the two-day slide in which it had fallen more than 15 points or 0.7 percent. The KOSPI now rests just beneath the 2,400-point plateau although it's likely to head south again on Thursday.

The global forecast for the Asian markets is soft on renewed concerns over the outlook for interest rates. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

The KOSPI finished sharply higher on Wednesday following gains from the automobile producers and technology stocks, while the financials were soft and the oil and chemical companies were mixed.

For the day, the index improved 26.85 points or 1.13 percent to finish at 2,399.25 after trading between 2,379.44 and 2,400.18. Volume was 402.37 million shares worth 5.59 trillion won. There were 632 gainers and 226 decliners.

Among the actives, Shinhan Financial sank 0.78 percent, while KB Financial shed 0.75 percent, Hana Financial fell 0.43 percent, Samsung Electronics improved 1.34 percent, Samsung SDI soared 3.73 percent, LG Electronics jumped 2.04 percent, SK Hynix shed 0.61 percent, Naver perked 0.26 percent, LG Chem surged 3.69 percent, Lotte Chemical plummeted 7.39 percent, S-Oil lost 0.56 percent, SK Innovation rose 0.29 percent, POSCO dipped 0.17 percent, SK Telecom eased 0.10 percent, KEPCO added 0.48 percent, Hyundai Mobis rallied 2.99 percent, Hyundai Motor accelerated 2.51 percent and Kia Motors rallied 2.56 percent.

The lead from Wall Street ends up negative as the major averages opened higher on Wednesday and stayed that way before tumbling after the Federal Reserve's monetary policy announcement.

The Dow dropped 142.29 points or 0.42 percent to finish at 33,966.35, while the NASDAQ sank 85.93 points or 0.76 percent to close at 11,170.89 and the S&P 500 lost 24.33 points or 0.61 percent to end at 3,995.32.

The lower close on Wall Street came after the Fed announced its widely expected decision to slow the pace of interest rate increases but still signaled further rate hikes ahead.

After raising interest rates by 75 basis points at four consecutive meetings, the Fed announced its decision to raise interest rates by 50 basis points to a target range of 4.25 to 4.50 percent.

But the central bank reiterated that it anticipates ongoing increases in rates will be appropriate. The economic projections provided along with the announcement now suggest the Fed expects rates to be raised higher than forecast in September.

Crude oil prices climbed higher on Wednesday, lifted by an upward revision in demand forecast by the International Energy Agency due to the shutdown of the Keystone pipeline following a massive leak. West Texas Intermediate Crude oil futures for January ended higher by $1.89 or 2.5 percent at $77.28 a barrel.

read more
FTSE 100 Flat; Kingfisher Soars On Higher Guidance

FTSE 100 Flat; Kingfisher Soars On Higher Guidance

U.K. stocks are turning in a mixed performance on Tuesday with investors digesting the flash data showing weak manufacturing and services sector activity in the month of September.
RTTNews | 52 minutes ago
Eurozone Private Sector Logs Strongest Growth In 16 Months

Eurozone Private Sector Logs Strongest Growth In 16 Months

The euro area private sector expanded the most in 16 months in September driven by the acceleration in services activity growth, flash survey results published by S&P Global revealed on Tuesday. At 51.2, the HCOB composite output index climbed slightly from August's 51.0 and was above forecast of 51.1. The index posted above the 50.0 no-change mark for the ninth straight month in September.
RTTNews | 1h 2min ago
CAC 40 Up 0.6%; STMicroElectronics Rises Sharply

CAC 40 Up 0.6%; STMicroElectronics Rises Sharply

Despite data showing a contraction in France's private sector activity in the month of September, French stocks are up firmly in positive territory Tuesday afternoon with data showing an acceleration in Eurozone private sector growth, and NVIDIA's plans to invest $100 billion in OpenAI aiding sentiment.
RTTNews | 1h 19min ago
Sensex, Nifty Recover From Early Lows

Sensex, Nifty Recover From Early Lows

Indian shares cut early losses to end on a flat note on Tuesday. While a weakening rupee, tariff worries and concerns regarding the latest H1-B visa fee change weighed on markets, Fed rate cut hopes, falling oil prices and reports of strong festive-season demand for automobiles helped limit overall losses in the broader market.
RTTNews | 1h 37min ago
DAX Modestly Higher Despite Paring Some Early Gains

DAX Modestly Higher Despite Paring Some Early Gains

German stocks hold on in positive territory Tuesday afternoon despite paring some early gains. Data showing an acceleration in Germany's private sector activity in the month of September, and an increase in Eurozone service sector growth help underpin sentiment.
RTTNews | 1h 40min ago
Walmart To Kick Off Holiday Season With Early Deals On Oct. 7-12

Walmart To Kick Off Holiday Season With Early Deals On Oct. 7-12

In preparation for the upcoming holiday season, retail behemoth Walmart, Inc. is bringing tens of thousands of deals with early savings, starting October 7 through 12. While membership is not required for the first deals event of the season, Walmart+ members will get exclusive early access on October 6 at 7 p.m. ET, and shoppers can enjoy fast delivery and in-store convenience all week long.
RTTNews | 2h 44min ago
Asian Shares Mixed In Cautious Trade

Asian Shares Mixed In Cautious Trade

Asian stocks ended mixed on Tuesday, with Japanese markets closed for a public holiday and Hong Kong preparing for Typhoon Ragasa, which is expected to pass the city in the next 24 hours.
RTTNews | 3h 25min ago