The South Korean stock market has experienced gains in two of the last three trading sessions, following a brief decline that saw the KOSPI index lose nearly 10 points, or 0.4%. As of now, the KOSPI is slightly above the 2,535 mark, although projections suggest a downturn may occur on Monday.
Globally, the forecast for Asian markets remains cautious, particularly with the upcoming Federal Open Market Committee (FOMC) meeting later this week. Both European and U.S. markets finished predominantly lower, a trend that Asian exchanges are likely to mirror.
On Friday, the KOSPI saw a modest increase, buoyed by mixed results from sectors such as finance, technology, chemicals, and automobiles. The index climbed by 21.31 points, or 0.85%, closing the day at 2,536.80 after fluctuating between 2,522.64 and 2,542.83. Trading volume included 576.9 million shares valued at 9.83 trillion won, with 542 stocks gaining and 321 declining.
Among notable movements, Shinhan Financial dropped 0.60%, KB Financial rose 0.34%, and Hana Financial increased 0.17%. Samsung SDI fell by 2.58%, whereas LG Electronics saw a 0.71% gain. SK Hynix rose 0.68%, and Naver slipped 0.24%. LG Chem decreased by 0.42%, while Lotte Chemical rose 0.35%. SK Innovation fell by 0.75%, POSCO Holdings gained 0.77%, and SK Telecom dipped 0.18%. KEPCO advanced 0.96%, Hyundai Mobis surged 4.56%, Hyundai Motor declined 1.91%, Kia Motors dropped 0.97%, and Samsung Electronics remained unchanged.
Wall Street provided a lackluster lead, with major averages initially edging higher on Friday before turning negative and closing the session in the red. The Dow dropped 140.85 points, or 0.32%, to 44,424.25. The NASDAQ fell 99.40 points, or 0.50%, closing at 19,954.30, while the S&P 500 decreased by 17.47 points, or 0.29%, closing at 6,101.24. Despite the setbacks, the Dow experienced a 2.2% increase over the shortened holiday week, with the NASDAQ and S&P 500 both rising by 1.7%.
Wall Street's downturn was driven by concerns regarding interest rate prospects ahead of the Federal Reserve's crucial monetary policy meeting this week. Although recent economic indicators have fueled fears of the Fed maintaining current rates for an extended period, many economists still anticipate a rate reduction by the central bank within the first half of the year.
On the U.S. economic front, the University of Michigan reported that consumer sentiment unexpectedly weakened more than anticipated in January. Conversely, the National Association of Realtors indicated a substantial surge in existing home sales for December, exceeding expectations.
Crude oil futures remained relatively stable on Friday. The Energy Information Administration's report indicated a smaller-than-expected drop in U.S. crude oil inventories. West Texas Intermediate (WTI) crude for March concluded trading at $74.66 per barrel, breaking a six-day losing streak. Despite this, WTI crude futures suffered a 3% decline over the past week.
The material has been provided by InstaForex Company - www.instaforex.com
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