Seoul drops by 0.97% pending US inflation data

The Seoul Stock Exchange dropped today. Kospi, its main indicator, lost 0.97% in a day. The South Korean stock had been waiting for the publication of inflation data in the US.

The selective South Korean lost 31.95 points on Wednesday to stand at 3,216.18 units. Meanwhile, the Kosdaq technology stock index slipped by 0.74%, or 7.33 points, to close at 978.79 units.

No one wanted to take a chance in Seoul today while waiting for the US to release May inflation data on Thursday. It will offer more clues about the pace of recovery and the possibility of a change of cycle in monetary policy by the Federal Reserve.

Other important news of the day was the Bank of Korea’s announcement of the growth of the fourth Asian economy. BOK stated that the country’s economy grew by one-tenth to 1.7% in the first quarter of the year.

In turn, China’s producer price index (PPI) in May beat expectations, pointing to a macroeconomic acceleration.

The most valued stock for Kospi, the technological Samsung Electronics, closed today with a loss of 0.98%. At the same time, SK Hynix, the world’s second-largest memory chip manufacturer, contracted by 3.92%.

Naver, the operator of the largest South Korean internet portal, fell by 1.1%. However, Kakao, the country’s main instant messaging application owner, added 0.47% instead.

Biopharmaceutical Samsung Biologics decreased by 2.46%, and its competitor Celltrion lost 2.79% of its value.

Hyundai Motor, the largest national car manufacturer, declined by 1.64%.

 

The decline in Technology prompted Nikkei’s losses

Nikkei, the principal index of the Tokyo Stock Exchange, decreased by 0.35% this Wednesday. It resulted from the decline among technology companies and investors’ cautious stance regarding the publication of data from the United States.

The Topix lost 0.28% or 5.51 points to stand at 1,957.14.

The Tokyo stock market opened lower after the last Wall Street decline. It remained in negative territory throughout the session.