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■ KOSPI Index
The KOSPI index closed at 2,559.74, up slightly by 0.02%.
Overnight, the New York stock market fell slightly due to continued inflationary caution ahead of the announcement of the results of the FOMC meeting, and stock markets in major European countries closed weakly due to caution ahead of the monetary policy meetings of major countries.
On this day, the KOSPI index started flat at 2,556.55. The index, which fluctuated in a flat range early in the day, increased slightly and reached a high point at 2,566.62. The index, which turned downward in the morning, increased its decline and appeared to move around the 2,555 line around noon. He appeared to reduce his decline in the afternoon, but then widened it again and reached a low during the afternoon at 2,551.12. The index, which had been making up for its losses in the second half of the session, managed to rebound at the end of the session and eventually closed its session at 2,559.74.
Amid a wait-and-see mentality ahead of the results of the U.S. FOMC meeting, the KOSPI index rebounded for the first time in three days. Individuals and institutions made net purchases together, leading to a rebound in the index. Individuals were net buyers for 3 consecutive trading days, and institutions were net buyers in 3 trading days. However, the increase was limited as foreigners continued to sell in the current/futures market.
In addition, the wait-and-see attitude toward major countries’ monetary policy meetings, such as the Bank of England (BOE) monetary policy meeting on the 21st and the Bank of Japan (BOJ) monetary policy meeting on the 22nd, appeared to be deepening. While leading automobile stocks such as Hyundai Motors (+2.58%), Kia (+2.52%), and Hyundai Mobis (+2.32%) showed strength, leading semiconductor stocks such as Samsung Electronics (-0.29%) and SK Hynix (-1.01%) fell. did.
As the September FOMC meeting was held overnight for two days, a wait-and-see mentality continued regarding the outcome of the meeting. The prediction that the Federal Reserve System (Fed) will freeze the base interest rate at this meeting is becoming an established fact, but as inflationary pressures have increased due to the recent rise in oil prices, attention is focused on whether there will be an additional interest rate increase within this year or whether the interest rate will be lowered next year.
Photo = U.S. Federal Reserve System
The Fed plans to present a dot plot containing members’ interest rate forecasts at this meeting, and a press conference by Chairman Powell is also scheduled. It is expected that the market will be able to estimate the possibility of additional interest rate increases within the year and interest rate cuts next year through dot plots and press conferences. The results of the FOMC meeting will be announced at 2pm on the 20th (early morning on the 21st, Korean time).
Although international oil prices closed lower overnight due to profit-taking selling, concerns about inflation persist, as they again broke the highest record of the year during the day. Overnight on the New York Mercantile Exchange (NYMEX), the price of West Texas Intermediate Crude Oil (WTI) for October delivery closed at $91.20, down $0.28 (-0.31%) from the previous trading day.
However, caution over inflation continued, with the price of WTI rising to $93.74 at one point during the day and the price of Brent crude oil also rising to $95.95.
Meanwhile, as market expectations, the People’s Bank of China froze the Loan Preferential Rate (LPR), which effectively serves as the base rate. The People’s Bank of China announced on its website that day that the 1-year LPR will be maintained at 3.45% per year and the 5-year LPR will be maintained at 4.20% per year. It is analyzed that they are wary of widening the interest rate gap with the United States to protect the value of the yuan.
Stock markets in major Asian countries, including Japan, China, Taiwan, and Hong Kong, fell.
On this day, the won/dollar exchange rate recorded 1,330.1 won, up 1.6 won from the previous trading day.
By supply and demand, individuals and institutions net bought KRW 87.9 billion and KRW 51 billion, respectively, and foreigners net sold KRW 167.7 billion. In the futures market, individuals and institutions net bought 1,098 and 3,068 contracts, respectively, and foreigners net sold 4,259 contracts.
The 3-year Treasury bond interest rate rose 0.3bp from the previous trading day to 3.890%, and the 10-year Treasury bond interest rate rose 1.1bp from the previous trading day to 3.963%.
3-year government bond futures closed at 103.06, up 3 ticks from the previous trading day. Financial investors net bought 12,751 contracts, banks and foreigners net sold 6,236 contracts and 5,901 contracts. 10-year government bond futures closed at 108.50, the same as the previous trading day. Financial investment, banks net bought 4,750 contracts and 1,082 contracts, and foreigners net sold 5,502 contracts.
The top KOSPI market capitalization stocks had mixed ups and downs. POSCO Future M (+3.66%), Hyundai Motors (+2.58%), Kia (+2.52%), Hyundai Mobis (+2.32%), Shinhan Financial Group (+1.20%), KB Financial Group (+1.07%), Samsung SDI ( +0.90%), LG Energy Solution (+0.60%), POSCO Holdings (+0.17%), and SK Innovation (+0.12%) rose. On the other hand, Kakao (-1.57%), Samsung BioLogics (-1.37%), SK Hynix (-1.01%), NAVER (-0.91%), LG Electronics (-0.86%), Samsung Electronics (-0.29%), Celltrion (-0.21%), LG Chemical (-0.18%), and Samsung C&T (-0.18%) fell.
There are also mixed fluctuations by industry. Transportation warehouse (+1.94%), transportation equipment (+1.66%), paper and wood (+1.15%), electricity and gas industry (+1.07%), telecommunications industry (+0.84%), distribution industry (+0.53%), steel and metal (+ 0.43%), securities (+0.37%), and financial industries (+0.24%) rose, while medical precision (-1.77%), pharmaceuticals (-1.33%), machinery (-1.09%), and service industries (-0.82%). , construction (-0.70%), food and beverage (-0.57%), textile and apparel (-0.55%), chemical (-0.52%), and insurance (-0.13%) industries fell.
■ KOSDAQ Index
The KOSDAQ index closed at 882.72, down 0.13%.
On this day, the KOSDAQ index started flat at 883.74 (-0.15P, -0.02%). The index, which successfully rebounded early in the day, reached an intraday high at 886.65 and then turned downward again. The index, which gradually increased its decline, reached a low of 874.92 in the late morning session. The index, which made up most of the losses in the afternoon, eventually closed at 882.72.
As FOMC caution continued, foreigners and institutions simultaneously sold net, causing the KOSDAQ index to fall for four consecutive days.
Foreigners and institutions were net sellers for 4 consecutive trading days. Pharmaceutical/bio-related stocks such as HLB (-2.52%) and Alteogen (-4.15%) are showing notable weakness, while semiconductors such as PSK Holdings (-8.79%) and LOT Vacuum (-7.95%) and Lunit (-12.11%) Medical device themes fell. However, as some secondary battery stocks with the highest market cap, such as EcoPro BM (+4.50%) and EcoPro (+7.08%), showed strength, the decline in the index appeared limited.
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By supply and demand, foreigners and institutions net sold KRW 110.4 billion and KRW 32.8 billion, respectively, and individuals net bought KRW 169.1 billion.
The stocks with the highest market capitalization on the KOSDAQ were dominated by declining stocks. Lunit (-12.11%), Samchundang Pharmaceutical (-5.58%), Alteogen (-4.15%), HLB (-2.52%), Kakao Games (-2.40%), Pearl Abyss (-2.33%), Medytox (- 1.29%), Celltrion Pharmaceutical (-0.86%), JYP Ent. (-0.73%), Reno Industrial (-0.71%), Caregen (-0.64%), SM (-0.45%), Celltrion Healthcare (-0.16) %) etc. fell. On the other hand, Eco Pro (+7.08%), Eco Pro BM (+4.50%), Rainbow Robotics (+1.21%), HPSP (+0.83%), L&F (+0.70%), and POSCO DX (+0.18%) rose. .
By industry, most industries fell. Digital content (-2.27%), software (-2.13%), IT S/W & SVC (-2.05%), information equipment (-1.89%), other services (-1.68%), pharmaceuticals (-1.50%), Communication services (-1.38%), textiles/clothing (-1.28%), Internet (-1.23%), non-metal (-1.21%), communication equipment (-1.18%), publishing/media reproduction (-1.17%), semiconductor (-1.07%) Industries etc. fell. On the other hand, only some industries rose, such as finance (+5.71%), general electrical and electronics (+2.59%), other manufacturing (+0.91%), and transportation (+0.35%).
Reporter Seoyeon Yoon firstname.lastname@example.org
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