The KOSPI failed to cross the 2,500 threshold and continues to trade in the box range.
According to the Korea Exchange and the financial investment industry on the 4th, the KOSPI fell 0.14% from the 25th of last month (2,437.86) to 2,434.33 on the 2nd.
As December began, expectations such as the Santa Claus Rally, adjustment of the pace of austerity, and the transition to With Corona in China (gradual daily recovery) spread, but investors seem to be in a wait-and-see mode due to uncertainty.
The index is also slowing as foreign investors, who have bought net more than 7 trillion won since last October, are starting to realize some profits, acting as supply and demand players.
Korea’s exports last month, disclosed on the 1st, fell 14.0% from the same month last year to $51.91 billion, showing a decline for the second consecutive month.
By item, exports of semiconductors (-29.8%) and petrochemicals (-26.5%) decreased significantly.
The government said, “The protracted war between Russia and Ukraine, the global economic slowdown due to financial tightening in major countries, and the refusal of the cargo union to carry goods together have had a complex effect.” He explained.
Some changes are detected in the direction of US-Korea interest rates, which the market is paying the most attention to.
The Chairman of the Federal Reserve (Fed) Jerome Powell gave a speech at the Brookings Institution, a think tank in Washington, DC, on the 30th of last month (local time), and at the regular meeting of the Federal Open Market Committee (FOMC) to maintain. for two days from the 13th of this month, the pace of interest rate increases With talk of the possibility of an adjustment, expectations for a change in the direction of monetary policy have risen worldwide.
Last month’s US consumer prices will be released on the 13th.
Investors are likely to remain optimistic about Fed policy for now, provided inflation is not significantly higher than expectations.
Kim Yu-mi, a researcher at Kiwoom Securities, said, “In the financial market this week, before the FOMC, the expansion of market volatility due to Fed members’ comments will be limited.” The focus will shift in the direction of the US economy,” he predicted.
However, according to the November employment situation report released by the US Department of Labor on the 2nd (local time), the number of non-agricultural jobs in the US increased by 263,000 last month.
As the labor market turns out to be strong, there is a possibility that the Fed’s monetary policy will become more hawkish than expected (favoring monetary tightening).
In the domestic financial market, the won/dollar exchange rate fell to the range of 1,290 won during the day as preference for risky assets was regained after Fed Chairman Powell’s speech.
In the market, there are also concerns that a strong gain against the basic conditions (fundamentals) of the domestic economy could become a burden on the market.
Kim Young-hwan, a researcher at NH Investment & Securities, said, “Foreigners’ net purchases, which have led the direction of the Korean stock market recently, are likely to slow down gradually.”
Park Hee-chan, a researcher at Mirae Asset Securities, predicted, “The domestic stock market has reached a stage where the continuation of the stock price rise associated with the weak dollar is at an end.” .
The announcement of major economic indicators and schedules of events this week at home and abroad is as follows.
▲ 5th (Photo) = Caixin Service Purchasing Managers’ Index (PMI) for November in China, Markit Service PMI for November in the Eurozone, Markit Service PMI for November in the United States.
▲ 6th (Tuesday) = Institute for Supply Management (ISM) manufacturing in November, US durable goods orders in October.
▲ 7th (Wednesday) = China’s November exports and imports, Eurozone 3rd quarter Gross Domestic Product (GDP).
▲ 9th (Friday) = Consumer and producer prices for November in China and producer prices for November in the United States.
/happy news
