Seoul Falls 0.57% awaiting the End of the Federal Reserve Meeting

Seoul Falls 0.57% awaiting the End of the Federal Reserve Meeting

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Globe Live Media, Wednesday, January 27, 2021

The main indicator of the Seoul Stock Exchange, the Kospi, fell 0.54% today, in a day marked by the sales of foreign investors on the eve of the conclusion of the monthly meeting of the US Federal Reserve (Fed).

The South Korean selective lost 17.75 points to 3,122.56 units, while the Kosdaq technology stock index fell 0.81%, or 8.08 points, to 985.92 integers.

In a session in which the selective went between positive and negative territory, the sales of foreign participants were key for the Kospi to reap its second consecutive fall.

Local analysts pointed to the conclusion, today, of the Fed’s two-day monthly meeting at a time when the faster-than-expected recovery of the Chinese economy makes many investors fear for a possible tightening of the fiscal policies in emerging economies.

Thus, most large stocks fell back.

The benchmark asset in Seoul, Samsung Electronics, lost 1.27%, while the world’s second-largest semiconductor maker, SK hynix, fell 0.39%.

For its part, the operator of the main South Korean internet portal, Naver, reduced its value by 0.15%, although its rival Kakao climbed 0.87% instead.

The country’s leading carmaker, Hyundai Motor, fell 2.39%.

However, in the biopharmaceutical sector, Samsung Biologics appreciated 5.86%, and rival Celltrion improved 2.02%.

The local currency, the won, gained 2.1 units today against the dollar, which was trading at 1,104.4 won at the end of the session.

Ben Oakley
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