Seoul: Stocks flat with investor focus on corporate earnings
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SOUTH Korean shares ended flat on Wednesday (Apr 20) as investors turned focus on corporate earnings results amid uncertainties over the US monetary policy and the Ukraine crisis. The Korean won strengthened slightly, while the benchmark bond yield fell.
The benchmark Kospi closed flat at 2,718.69, after hitting a 2-week high on Tuesday.
Dampening risk appetite, the International Monetary Fund slashed its forecast for global economic growth by nearly a full percentage point, citing Russia’s war in Ukraine, and warning that inflation was now a “clear and present danger” for many countries.
Chicago Federal Reserve Bank President Charles Evans said the US central bank could raise its policy target range to 2.25 per cent to 2.5 per cent by the year-end and then take stock of the state of the economy, but if inflation remains high will likely need to hike rates further.
The stock market is searching for a direction amid macroeconomic uncertainties, with investors focusing on earnings results of major companies this week and the following week, said Shinhan Financial Investment analyst Choi Yoo-june.
Among the heavyweights, technology giant Samsung Electronics rose 0.15 per cent, while peer SK Hynix was flat. Battery maker LG Energy Solution gained 0.23 per cent.
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Foreigners were net buyers of 94.2 billion won (S$104.3 million) worth of shares on the main board.
The won closed trading at 1,236.1 per dollar on the onshore settlement platform, 0.06 per cent higher than its previous close at 1,236.9.
In offshore trading, the won was quoted at 1,236.2 per dollar, up 0.3 per cent from the previous day, while in non-deliverable forward trading its 1-month contract was quoted at 1,236.
In money and debt markets, June futures on 3-year treasury bonds rose 0.02 point to 105.37 in late afternoon trade.
The most liquid 3-year Korean treasury bond yield fell by 4.7 basis points to 2.945 per cent, while the benchmark 10-year yield dropped 6.3 basis points to 3.3 per cent. REUTERS
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