Kospi End Up Supported
At the close of trading on the stock exchange yesterday South Korea, the Kospi index closed up 5.4 points, or 0.27 percent, at 1,978.97. Strengthening the Kospi compelled foreign investors buying stocks and support the strengthening of the won.
Seoul shares rose supported by foreign investors who take action to buy shares in trading yesterday. Recorded foreign funds coming into the Seoul market reached 57.4 billion Won.
Foreign investors are buying shares also supported by the strengthening of the won. The local currency closed at 1,146.10 won against the greenback, up 8.1 won from the previous closing session.
In stock trading, shares of car maker closed lower mainly due to the grim prospect of first-quarter earnings. Shares in Hyundai Motor fell 3.68 percent, Kia Motors moved down 2.66 percent, shares of auto parts maker Hyundai Mobis fell 3.14 percent.
Shares of Hyundai Merchant Marine, which has been facing financial problems, moving down 4.61 percent.
Technology shares closed higher, with Samsung Electronics moved up 2.03 percent, LG Electronics shares rose 3.12 percent, LG Display shares rose 0.19 percent.
Shares of steel makers were mixed, with POSCO shares rose 2.58 percent, while Korea Zinc shares down 0.42. Meanwhile, Hyundai Steel shares remained unchanged.
As for the Kospi index was observed futures rose 0.20 points or 0.08% at 243.70, up from its previous close at 243.50.
Technically,
Resistance: 242.80 243.50 244.00 High / Low: 242.85 / 242.15
Support: Closed 240.00 240.60 241.40 Price: 242.20
Comment: For intraday trade today suggest Buy at 241.10 stop loss at the level of 240.70 and target at the level of 243.10.
GBPUSD Soaring On “Brexit” Concerns
Sterling jumped nearly half a percent versus the Euro and the US Dollar yesterday, amid some investors confidence that the referendum “Brexit” next June, should have been anticipated. Thus helping dampen the fears over UK trade record gap.
Cable has fallen about 2% since the data last week showed current account deficit swelled to 7% of national output at the end of last year. Exacerbating fears that Britain leave the EU move would threaten the flow of foreign investment that is needed to fund the deficit.
While investors tend to ignore the results of a survey published yesterday, in which the growth of new home construction in the United Kingdom reportedly shrunk to its lowest level in three years in March. Overall expansion in the building trade are also still stuck at its weakest level in almost a year.
Technically,
Resistance: 1.4300 1.4340 1.4380 High / Low: 1.4268 / 1.4257
Support: 1.4220 1.4180 1.4130 Running Price: 1.4263
Comment: For intraday trade today suggest Buy at the level of 1.4210, stop loss at the level of 1.4175 and targets 1.4308.
Oil Close Lower
World oil prices fell back at the end of yesterday’s session in the US market, due to growing doubts about the deal major producers to limit their production in order to strengthen the price. US benchmark crude West Texas Intermediate (WTI) for delivery in May, fell $ 1.09 to end at the level of $ 35.70 per barrel on the New York Mercantile Exchange. Brent North Sea crude, the global benchmark, for June delivery fell 98 cents to settle at $ 37.69 a barrel in London trade.
Hopes for a meeting of major oil producers on April 17 in Doha to agree to restrictions on production at a rate in January 2016 has helped oil prices rose back above $ 40 per barrel in early March. However, the trust agreement has been reduced and hit again on Friday, when the Deputy Crown Prince of Saudi Arabia, Mohammad bin Salman, told Bloomberg that Saudi Arabia would only restrict production if the move was followed by Iran and other major manufacturers.
Mohammad bin Salman on Friday signalled unwillingness to freeze its production unless other countries do the same. He said that if all countries agreed to freeze production, “we are ready”. While Iranian officials have been clear that his country would not participate in the freezing production until production reached the level before the international sanctions are applied.
Iranian Oil Minister Bijan Zanganeh said on Sunday that Iran’s oil exports have exceeded two million barrels per day following the lifting of international sanctions. Russia also has been producing oil aggressively, reaching 10.91 million bpd in March. That is the highest level in the last 30 years and slightly higher than in January.
Technically,
Resistance: High 36.80 36.30 35.80 / Low: 35.49 / 25.29
Support: 35.00 34.60 34.10 Running Price: 35.33
Comment: For intraday trade today suggest Buy 34.50 stop loss at the level of 34.70 and target at the level of 36.25.
