Investors turn cautious ahead of big tech earnings and the Fed’s rate decision.
Stock indices and exchange rates are displayed on an electronic board in the dealing room at the Shinhan Bank headquarters in Jung-gu, Seoul, on the morning of April 29. (Photo courtesy of Shinhan Bank)
After breaking to a new high for two consecutive days, the KOSPI is staying in a breather phase near the 6,600 level in early trading.
According to the Korea Exchange as of 09:10 on April 29, the KOSPI was trading at 6,624.14, down 0.25% from the previous trading day. Retail investors and institutions were net buyers of 66.5 billion won (approximately $45.1 million) and 91.4 billion won, respectively, while foreigners alone were net sellers of 144.7 billion won.
Many top market-cap stocks are also largely flat. Samsung Electronics (-1.13%), SK hynix (-0.46%), Samsung Electronics Preferred (-1.22%), SK Square (-0.62%), and HD Hyundai Heavy Industries (-0.75%) are falling, while Hyundai Motor (0.55%), LG Energy Solution (0.11%), Doosan Enerbility (0.78%), Hanwha Aerospace (1.00%), Samsung Biologics (0.20%) are rising.
The KOSPI is entering a wait-and-see mode ahead of earnings announcements by major global big tech companies and the U.S. Federal Open Market Committee (FOMC) policy-rate decision on the 30th. With big events just ahead, it appears to be avoiding excessive trading.
At the same time, the KOSDAQ was trading at 1,216.91, up 0.11% from the previous day. Retail investors and institutions were net sellers of 19.9 billion won and 10.3 billion won, respectively, while foreigners were net buyers of 45.5 billion won.
Among the top market-cap names on the KOSDAQ, strength is seen except for EcoPro (-0.87%), Lino Industrial (-1.08%), EcoPro BM (0.12%), Alteogen (1.06%), Rainbow Robotics (1.80%), Samchundang Pharm (2.78%), Kolon TissueGene (2.16%), HLB (1.27%), ABL Bio (2.22%), and LigaChem Biosciences (1.47%) are rising.
The exchange rate is extending an upward trend for a second consecutive day. In the Seoul foreign exchange market, the won–dollar exchange rate opened at 1,474.0 won, up 0.4 won from the previous day.
Yoon Young-sil
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