Infostock Daily is a news source that provides investment information from around the world every morning. They offer a selection of news articles covering the closing of the US stock market, market issues, major foreign news, and news that will impact domestic market stock prices. This corner is designed to help investors review market conditions before the stock market opens and adjust their investment strategy accordingly.
On this day, the KOSPI index in the domestic stock market rebounded and closed at 2,559.74, showing a small increase of 0.02%. The rebound came after three days of decline, but the increase seems limited as foreigners are continuing to sell in the current and future markets. Individuals and institutions led the index with net purchases of KRW 87.9 billion and KRW 51 billion, respectively, while foreigners sold a net KRW 167.7 billion. In the futures market, individuals and institutions bought a net of 1,098 and 3,068 contracts, respectively, while foreigners sold a net of 4,259 contracts. Leading auto stocks such as Hyundai Motors, Kia, and Hyundai Mobis showed strength, while leading semiconductor stocks such as Samsung Electronics and SK Hynix fell. The exchange rate for the won against the dollar recorded 1,330.1 won, up 1.6 won from the previous trading day.
On the KOSDAQ index, trading closed at 882.72, down 0.13% with net selling by foreigners and institutions for the fourth consecutive day. Foreigners and institutions led the decline in the index, selling a net of 110.4 billion won and 32.8 billion won, respectively, while individuals made a net purchase of 169.1 billion won. Pharmaceutical/bio-related stocks showed weakness, while some secondary battery stocks such as EcoPro BM and EcoPro showed strength.
In the US stock market, all three major indexes dropped as the Federal Reserve (Fed) froze the base interest rate as expected, but strengthened its hawkish stance, raising concerns about further interest rate increases. The Dow Jones index closed at 34,440.88, down 0.22%, the Nasdaq index closed at 13,469.13, down 1.53%, the S&P 500 index closed at 4,402.20, down 0.94%, and the Philadelphia Semiconductor Index closed at 3,398.80, down 1.74%. The Fed predicted a possible additional increase of 0.25% points in the interest rate within the year, resulting in higher government bond yields and weakening technology stocks.
Asian stock markets, including Japan, China, Taiwan, and Hong Kong, also saw declines. Japan’s Nikkei index closed at 33,023.78, down 0.66% due to the possibility of a Bank of Japan (BOJ) policy review. Japan’s trade balance in August recorded a larger deficit than expected.
Overall, global markets are facing uncertainties due to the Fed’s hawkish stance and concerns about further interest rate increases.
[인포스탁데일리=박상철 기자]
Infostock Daily provides ‘readable news’ containing investment information from around the world every morning. We carefully selected the closing of the US stock market, market issues, major foreign news with notable insights, and news that will move domestic market stock prices. This corner is designed to help you review rapidly changing market conditions before the stock market opens and revise your investment strategy accordingly.
■ The domestic stock market
On this day, the KOSPI index rebounded successfully and closed at 2,559.74, up 0.02%. While the wait-and-see mentality remains ahead of the results of the US FOMC meeting, the KOSPI index rebounded after three days. However, the extent of the increase appears to be limited as foreigners continue to sell in the current and future markets.
By supply and demand, rebounding individuals and institutions led the index with net purchases of KRW 87.9 billion and KRW 51 billion, respectively, while foreigners sold a net KRW 167.7 billion. In the futures market, individuals and institutions bought a net 1,098 and 3,068 contracts, respectively, and foreigners sold a net 4,259 contracts.
While leading auto 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 %).
On this day, the exchange rate won-dollar recorded 1,330.1 won, up 1.6 won from the previous trading day.
There were ups and downs in the top KOSPI market capitalization stocks. 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.
On this day, the KOSDAQ index closed trading at 882.72, down 0.13% due to net selling by foreigners and institutions, falling for the fourth consecutive day.
According to supply and demand, foreigners and institutions led the index decline with net sales of 110.4 billion won and 32.8 billion won, respectively, while individuals bought a net of 169.1 billion won.
Pharmaceutical/bio-related stocks such as HLB (-2.52%) and Alteogen (-4.15%) show notable weakness, while semiconductors such as PSK Holdings (-8.79%) and LOT Vacuum (-7.95%) and Lunit ( -12.11 %) Medical device themes decreased. However, the decline in the index appears to be limited as some secondary battery stocks with the highest market cap, such as EcoPro BM (+4.50%) and EcoPro (+7.08%), are showing strength.
Stocks with the highest market capitalization on the KOSDAQ were dominated by bearish 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%) %) has risen. .
■ US stock market
On this day, the New York stock market dropped all three major indexes as the Federal Reserve (Fed) froze the base interest rate as expected by the market, but strengthened its hawkish stance, raising concerns about an increase further in interest rates.
On the New York Stock Exchange, the Dow Jones index closed at 34,440.88, down 0.22%, the Nasdaq index, which focuses on technology stocks, closed at 13,469.13, down 1.53%, the S&P 500 index closed at 4,402.20, down 0.94%, and the Philadelphia Semiconductor Index closed at 3,398.80, down 1.74%.
After the regular two-day FOMC meeting, the Fed froze the benchmark interest rate at the current 5.25-5.50% as expected. However, the possibility of an additional increase of 0.25% points in the interest rate is expected within the year, leaving open the possibility of an additional increase.
In a dot plot containing interest rate forecasts, Fed members predicted that the base interest rate would hit 5.6% by the end of this year. The interest rate forecast is 5.50% to 5.75%, which means an additional increase in the interest rate of 0.25% compared to the current rate It is known that 12 of the 19 members expect a one-time increase and r 7 others predict freezing. In addition, the median interest rate forecast for next year was 5.1%, up 0.5 percentage points from 4.6% in June. This was interpreted by the market to mean that the high interest rate environment over 5% could continue for a long time, putting a burden on the stock market.
Fed Chairman Jerome Powell said in a press conference, “We are prepared to raise interest rates further if appropriate, and we intend to keep interest rates at a restrictive level until we are confident that inflation continues to fall towards our target.” “We would like to see convincing evidence that the appropriate level has been reached, but we need to see more progress before we can come to that conclusion,” he said, suggesting that the situation needs to be monitored further.
Jerome Powell, Chairman of the US Federal Reserve (Photo = US Federal Reserve)
As inflation concerns persist due to the recent strong international oil prices, the Fed strengthened its hawkish stance, and US Treasury bond yields once again broke historic levels during the day. The 10-year government bond interest rate rose to 4.4% during the day, and the 2-year bond interest rate, which is sensitive to interest rate policy, rose to 5.19%. This is the highest since 2007 and 2006, respectively. Accordingly, technology stocks, which have a large valuation burden, continue to weaken, leading to a decline in the stock market.
Meanwhile, the Fed’s economic outlook has raised expectations of a soft landing. The unemployment rate forecast, expected to be 4.5% in 2024, was reduced to 4.1%, and the GDP forecast was 1.5% in 2024, higher than the previous forecast of 1.1%. The personal consumption expenditure (PCE) inflation forecast for 2023 was 3.3%, slightly higher than the previous forecast of 3.2%, and the forecast for 2024 remained the same. The core inflation forecast for 2023 was 3.7%, down from the previous forecast of 3.9%, and the forecast for 2024 was maintained at 2.6%.
On this day, international oil prices fell due to the possibility of additional interest rate hikes by the Fed and continued selling to take profits. On the New York Mercantile Exchange (NYMEX), the price of West Texas Intermediate (WTI) Crude Oil for October delivery closed at $90.28, down $0.92 (-1.01%) from the previous trading day.
By stock, Apple (-2.00%), Microsoft (-2.40%), Amazon (-1.70%), Alphabet A (-3.12%), Meta (-1.77%), Netflix (-2.50%) amid Fed concerns Additional interest rate hikes ), Nvidia (-2.94%), and Tesla (-1.47%), etc. all fell at once. Instacart (-10.68%), which rose on the first day of listing the previous day, plunged amid profit-making sales.
On the other hand, marketing automation platform Klaviyo (+9.20%) increased on the first day of listing, and Pinterest (+3.09%) rose on ‘Investor Day’ as management expects sales growth to accelerate in the future.
■ Asian stock market
Stock markets fell in major Asian countries, including Japan, China, Taiwan, and Hong Kong.
Japan’s Nikkei index closed at 33,023.78, down 0.66% due to the possibility of a BOJ policy review amid a warning as a result of the FOMC meeting.
The possibility that the BOJ will review its ultra-easing policy was a factor in the decline in Japan’s Nikkei index. Amid intense caution ahead of the announcement of the results of today’s FOMC meeting local time, foreign media reported that Japan’s Minister of Economy, Trade and Industry, Yasutoshi Nishimura, said at a press conference after the Cabinet meeting the previous day, “The BOJ is extremely easing. policy will eventually come to an end as inflation accelerates,” he said. Amidst this news, the possibility that the Yen would strengthen was raised, leading to selling, mainly in stocks linked to exports such as the car industry, such as Nissan Motor Company (-2.90%) and Toyota Motor Company ( -2.81%).
The economic indicators published today are also negative. According to Japan’s Ministry of Finance, Japan’s trade balance in August recorded a deficit of 930.5 billion yen. This figure is more than the market expectation of a deficit of 643.1 billion yen.
By stock, Sharp (-3.04%), Mitsubishi UFJ Financial Group (-1.77%), Sony (-1.60%), and Softbank Group (-0.54%) fell.
Photo = iClick Art
China’s Shanghai Composite Index closed at 3,108.57, down 0.52% amid the LPR freeze.
According to the People’s Bank of China (PBOC), the Lending Preferential Rate (LPR), which acts as the de facto base rate, was said to have been frozen today. The People’s Bank of China maintained the one-year maturity LPR at 3.45% and the five-year maturity LPR at 4.20% Despite ongoing economic concerns, the People’s Bank of China decided to freeze the LPR this month to determine the true impact. estate support policy published at the end of last month That will be analysed.
It appears that the wait and see attitude towards the FOMC continues. With the results of the FOMC meeting to be announced on the 20th local time, the prospect that the Fed will freeze the base interest rate at this meeting is becoming an established fact. In addition, the Fed intends to present a dot plot containing members’ interest rate forecasts at this meeting, and it is expected that the dot plot will be able to estimate the possibility of additional interest rate increases within the year and interest rate cuts of the next year. .
Meanwhile, the net sales volume of northbound funds, which refers to overseas investment funds that passed through the Hong Kong Exchange today, was said to be 3.54 billion yuan.
The Hong Kong Hang Seng index closed at 17,885.60, down 0.62%, and the Taiwanese index closed at 16,534.75, down 0.61%.
Reporter Park Sang-cheol 3fe94@infostock.co.kr
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