Finishing 6-month rally, Kospi slumps below 3, 000 components

South Korea’s secret stock index plunged under the 3, 000-point threshold Sunday for the first time in nearly 6 long months on the back of losses to top-listed firms.

The benchmark Kospi dropped 56. 7 points, along with 1 . 88 percent, to help 2, 962. 48 merchandise around 2: 30 s. m. It slumped related to 10. 66 percent from the year-to-date intraday high of some, 316. 08 points dress June 25.

It was the first time i would say the index dropped below several, 000 points during intraday trading since March dua puluh lima, when it marked an intraday low of 2, 987. 83 points. The index rolling trading lower at only two, 998. 17 points and therefore accelerated the downward design and style. On the back of high liquidity, the index had passed 3, 000 points by January for the first time in its 38-year history.

On the whole large caps were all over negative terrain, with location bellwether Samsung Electronics shedding off 1 . 78 percent. No . 2 chipmaker SK hynix slipped 2 . 5 percent, as long as pharmaceutical giant Samsung Biologics retreated 6. 86 per.

A variety of factors appeared to have painful the main bourse drop, specialized niche experts said. Escalating inflation concerns, uncertainty surrounding the american debt ceiling, the debt problems involving Evergrande Group, right up with China’s biggest property companies, and fresh US-China disconcerts over trade have concluded in global stock markets dealing with significant falls, they said.

Overnight, the very Dow Jones Industrial Average dropped 0. 94 percent and the S& W 500 shed 1 . 0 percent. The Nasdaq underperformed against the other two severe indexes, dropping 2 . vierzehn percent as a tech-led sell-off battered the index.

Market watchers forecast that the local trading is likely to suffer extended choppy trading for a while in the face of constant uncertainties.

“New market variables combined with unsolved existing factors possess increased market volatilities, ” said Lee Kyung-min, an industry analyst at Daishin Sec. “As the Kospi index chart has faced a market a static correction for three months, it may come back in the short term rather than nose-dive a bit more deeply. ”

Kiwoom Securities analyst Han Ji-young said the market needs the opportunity to ease escalating jitters. You start with Samsung Electronics’ third-quarter revenues announcement, local companies’ powerful quarterly performance results need to have provide new momentum with the market, the market expert known.

Meanwhile, typically nation’s tech-heavy index suddenly lost 21. 64 points, or sometimes 2 . 2 percent, with 961. 56 points in to afternoon trade. The Kosdaq index got off to some weak start at 974. per day points and extended some bearish trend throughout the day.

The local currency was initially trading at 1, 187. 8 won against the U . S CITIZENS dollar, down 0. 08 percent or 0. a few won from the previous session’s close. Meanwhile, the Korean language stock market closed Monday on a substitute holiday recognizing State Foundation Day on Sun.

By Jie Ye-eun ( yeeun@heraldcorp. com )

Finishing 6-month rally, Kospi slumps below 3, 000 components
Philippines Truth