The KOSPI closed weakly, raising wait-and-see attitudes one day before the Monetary Policy Direction Meeting of the Bank of Korea Monetary Policy Committee for the first time of the year. With the arrival of the option expiration date, changes in supply and demand caused by the fear of listing LG Energy Solutions, the largest fish since Dangun, are increasing the volatility of the domestic stock market.
On the 13th, the KOSPI closed at 2962.09, down 10.39 points (0.35%) from the previous day.
The KOSPI rose 1.56% for two days from the 11th and recovered the 2970 level. On that day, the KOSPI maintained a strong level in the morning, rising to 2982 points at the beginning of the market, but turned downward in the afternoon. It is interpreted that the KOSPI reached the 2980 level, the level before the announcement of the FOMC minutes in mid-December, as the relief from monetary policy was largely reflected.
Market participants appear to be paying attention to the results of the MPC meeting on the 14th. In the stock market, the prospect that the BOK will raise the base rate to 1.25% through this meeting is dominant. In addition to the economic recovery, concerns about inflation persist.
The New York Stock Exchange closed higher last night on the perception that it was pre-reflected despite the record price surge in the US. The Dow rose 0.11% on the 12th (local time), while the S&P 500 and Nasdaq were up 0.28% and 0.23%, respectively. On this day, the market watched the US Consumer Price Index (CPI), which recorded the highest inflation rate in 40 years. The Bureau of Labor Statistics, a member of the U.S. Department of Labor, said on the same day that the US CPI rose 7% in December compared to the previous year, recording the highest inflation rate since June 1982.
“As can be seen from the remarks with the St. Louis Fed President immediately after the announcement of the U.S. inflation index, some members of the Fed are insisting on a rapid transition to austerity,” said Han Ji-young, a researcher at Kiwoom Securities. “However, it seems that market participants are now fully digesting the tantrum that was triggered by concerns about the Fed’s quantitative tightening,” he said.
By industry, textile and apparel, steel and metal, electricity and gas, and securities recorded a 1% gain. Medical precision plummeted 5%, while pharmaceuticals and transportation equipment showed weakness.
By trading entity, individuals and institutions net sold 91 billion won and 304.4 billion won, respectively, and foreigners alone net bought 372.6 billion won. Program trading recorded an advantage of 10 billion won in purchases. Institutional investors, who recorded a ‘lion’ for the first time this year the day before, turned to selling again.
The top stocks by market cap showed mixed results. Samsung Electronics, the largest stock in the domestic KOSPI, recorded a 1.27% drop, while LG Chem and Hyundai Mobis plunged 2%. Celltrion also fell about 1%. On the other hand, Samsung SDI finished the market up 1%.
Excluding one upper limit, 411 stocks rose and 449 stocks fell on the stock market that day.
The KOSDAQ closed at 983.25, down 8.08 points (0.82%) from the previous day.
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