‘Loss of direction’ KOSPI… The won-dollar exchange rate is at its highest in 13 years
Dealing Room of Hana Bank Headquarters, Jung-gu, Seoul. /Photo = Hankyung DB
The KOSPI index went up and down on the 23rd, not taking a clear direction. Last night, Federal Reserve (Fed) Chairman Jerome Powell’s comments about the possibility of a recession are having an impact. The won-dollar exchange rate also broke the 1,300 won mark for the first time in 13 years.
As of 9:23 am on the 23rd, the KOSPI index is trading at 2341.24, down 1.57 points (0.07%) from the previous trading day. At the beginning of the market, it climbed to 2361.23, but immediately turned downward. Currently, institutions alone are net buying 168.5 billion won, while individuals and foreigners are net selling 79.9 billion won and 87 billion won, respectively.
Investors are paying attention to Powell’s remarks today. Powell, who appeared before the Senate Banking Committee last night, noted that a recession is likely in the wake of a rate hike to keep inflation in check.
“It’s definitely a possibility,” he said of the recession.
“There is a chance of a recession and a soft landing is very challenging,” Powell said. ” he asserted.
“What’s happening around the world in recent months is making it more difficult to achieve what we want,” he said. “We never said it would be easy.”
The top 10 stocks by market cap on the stock market today are mixed. Samsung Electronics (KS:) (0.17%), Samsung Biologics (KS:) (0.37%) and NAVER (1.53%) are on the rise, while LG Energy Solutions (-0.75%) and SK Hynix (KS:)(- 0.11%) and Samsung Electronics (-0.19%) are falling.
The KOSDAQ index fell slightly. Currently, the KOSDAQ is trading at 742.46, down 4.50 points (0.60%) from the previous trading day. While individuals are buying 45.1 billion won worth of stocks, foreigners and institutions are selling 23.3 billion won and 7.4 billion won worth of stocks, respectively.
Most of the top 10 stocks by market cap are down. EcoproBM (KQ:) (-1.69%), L&F (-1.91%), Kakao Games (KQ:) (-6.02%), and Pearl Abyss (-0.58%) showed a downtrend, while Celltrion Healthcare (1.15%) ) and Alteon drugs (4.38%) are on the rise.
The won-dollar exchange rate is rising. In the Seoul foreign exchange market, the won-dollar exchange rate was recorded at 1300.2 won, up 2.9 won from the previous day. It is the first time in 13 years that the intraday exchange rate has exceeded 1,300 won since July 14, 2009 (1303 won).
Ryu Eun-hyuk, staff reporter at Hankyung.com email@example.com
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