The New York Stock Exchange on a roller coaster… KOSPI declines for third day

The KOSPI continued to be bearish for the third day on the 25th and fell below the 2750 line at the beginning of the market. As of 10 am on the same day, the KOSPI was down 56.71 points (2.03%) from the battlefield at 2735.29. The KOSPI, which gave up 2,800 points for the first time in 13 months the day before, fell 5.59 points (0.20%) to 2786.41.

In the stock market, foreigners and institutions net sold 265.5 billion won and 42.9 billion won, respectively, bringing down the index. On the other hand, individuals are net buying 288.6 billion won. At the same time, the KOSDAQ index fell 15.41 points (1.68%) to 899.99 from the previous day. It is the first time in 10 months that the KOSDAQ index fell below the 900 line during the day since March 11 last year (890.97).

Last night, the U.S. stock market plunged in the middle of the day due to concerns about the Fed’s premature tightening and geopolitical risks between Russia and Ukraine, and then at the end of the day, the stock market showed a rollercoaster of a sharp rebound. On the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 34364.50, up 99.13 points (0.29%) from the previous day. The Standard & Poor’s 500 Index closed at 4410.13, up 12.19 points (0.28%) from the battlefield, and the Nasdaq Index, centered on technology stocks, closed at 13855.13, up 86.21 points (0.63%) from the battlefield.

The S&P 500 index started down 1.7% on the day, but the decline expanded to 3.8% as fears grew in the stock market, with the VIX exceeding 38 points due to continued selling. Afterwards, it turned upward and closed due to the inflow of strong low-price buying. The Nasdaq fell 4.9% during the day. According to CNBC, it is the first time since the global financial crisis in 2008 that the Nasdaq Index closed higher after falling more than 4% during the day. Markets are predicting that the Fed will freeze the benchmark interest rate at the regular meeting of the Federal Open Market Committee (FOMC) on the 25th and 26th, but will make a preliminary suspension for a hike in March.

Reporter Hoe-kyung Yoo

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