South Korean Stock Reaching Lowest
The beginning of the South Korean stock market trading Wednesday morning (2/9), the Kospi index looks resumed intense pressure from trafficking in earlier, even reaching the lowest since the last four trading sessions, where this morning, the South Korean stock market participants back dikecewakannya by domestic data ,
Economic indicators released by the central bank of Korea (BOK), the Current Account Data South Korea in July last, which surprisingly showed results that were far more nuruk from the previous release and estimates of economists, to be $ 10.11B.
Ballast stock market this morning is share amounted to -0.35% Hyundai Motor, Kia Motors shares -0.65%, -1.01% shares of Samsung Electronics, LG Electronics -0.95%, -1.12% shares of Samsung Securities, Hyundai Securities -1.1%, shares LG Chem -2.82%, -4.01% SK Innovation and S-Oil Corporation -4.78%.
On this morning, the Kospi index regained intense pressure by 26.87 points, or 1:40%, by becoming 1887.36 points from the closing position at the end of the previous trading at 1914.23 points position and successfully posted the biggest gain was traded earlier at 1,939,67 points and recorded position previous biggest loss was trading at 1914.22 points position.
Likewise, the movement of the futures index Kospi in this morning, which re-recorded a loss of 3 points or 1:30%, with an advanced 226.55 points from the closing position at the end of the previous trading at position 229.55 points and managed to carve highest strengthening traded earlier at position 232.50 points and the largest drop previously traded on the position of 229.51 points.
Based on the results of the closure at the end of the previous trading, the analyst estimated that the movement of Kospi index today will likely to continue weakening traded before trying to penetrate to penetrate the first support at position 227.70 points with MA5 under BB10 daily, if the movement of the index broke through the first support then expected trying to penetrate the second support at 226.30 points with MA5 position under BB10 daily.
If the movement of the index managed to turn toward stronger, it is expected to try to penetrate the first resistance at 230.70 points with MA5 position under BB10 daily, if the movement of the index broke through the first resistance is expected to try to penetrate the resistance at 232.75 points with the position of the middle MA5 BB10 daily.
Manufacturing Sector Slows, Sterling Drops
The pound fell to a low level in nearly three months against the dollar on Tuesday after data showed UK manufacturing sector growth rate slowed last month, eroded the growth outlook for the third quarter. UK manufacturing sector PMI by Markit fell to 51.5 in August from 51.9 in July, compared to expectations for a rise to 52.0. The domestic market remains a pillar of growth in new orders, as the level of export orders fell for 5 consecutive months. Compaies have been link to the decline in export orders with the sterling exchange rate, poor performance of sales in the euro zone and a slowdown in China. The pound was also lower against the euro.
According to economists, the UK manufacturing sector is still in a strong pattern, with the rate of production growth near stagnant area and the number of jobs down separately the first time in 26 months. With this, the manufacturing sector is unlikely to make much contribution to the third-quarter GDP growth rate widely expected to rise sharply.
Technically, the trading session today, Wednesday (02/09), pound sterling-dollar pair has an opportunity to move in a negative trend.
The weakening of the pound sterling mainly expected soon reexamines the minimum support at 1.5250 and maximum 1.5200. Meanwhile, if the pound sterling was able to break and hold above 1.5304, then the other alternative scenario that is Pound chance to test resistance in 1.5340 and 1.5390 area.
Investors Buy Back Gold
The price of gold recorded its highest rise in this week after a number of global stock markets fell, following the deepening market concerns will slow down the Chinese economy. This raises concerns among investors. None than other, in addition to taking action of securing investment, buying gold as an asset back seat in a safe haven.
In trading Tuesday, Global Stock Index, MSCI recorded a decrease of 2.5% after the Chinese government announced their manufacturing sector data which fell to its lowest in three years. This encouragement also makes the stock index fall of gold prices rose, especially the US dollar was also slightly depreciated so the choice of investments fell to Gold.
For the first time since May yesterday, gold trading records during the month resulted in rising prices. Selloff that hit China’s stock markets, the devaluation of the Chinese Yuan, and speculation delay interest rate hikes by the Federal Reserve made a fluttering gold commodity back. Higher interest rates will indeed lower the prestige of gold as an investment asset, delay interest rate hikes will be the fuel driving the increase in the price of gold back.
Some investors are already anticipating this possibility has made buying back the gold assets. Action is increasingly becoming, when stocks also fell. Creating capital flows into the commodity market. Notes commodity futures exchange closing price for delivery in December gold at the price of $ 1139.80 per ounce, up 0.6%. The price of gold futures on the Comex – New York, even briefly touched $ 1,147.30, which is the most expensive price of gold since August 25 last. The performance of gold in a month increased prices 3.4% in August from July.
The brokers are already reduced their belief that the Federal Reserve will raise interest rates in September. Only about 40% are convinced will raise this month, they generally believe the increase will be made in December. The numbers who believe the increase this month dropped dramatically, from the previous poll conducted by Bloomberg, reaching 77% at the beginning of last August. As is known, the Federal Open Market Committee (FOMC) will meet on September 16 to 17.
Future gold price pressure amid the downturn, bearish – a fresh breeze that US interest rates will be raised in December at least provide an opportunity for investors to try to profit by buying back. The gold price could subsequently be re-treading the path downward as the upward trend in US interest rates would apply, but hope to reap the benefits of a short time is also open.
Meanwhile, in other metals commodities trading, where investors can all try to benefit also from the rate of price increase occurs. Commodity Silver for December delivery contracts also rose in price by 0.2% to a price of $ 14.62 per ounce on the Comex floor. While at the New York Mercantile Exchange, platinum futures for October delivery declined 0.2 percent to $ 1,008.40 per ounce.
Technically, gold in today’s trading session on Wednesday (02/09) potentially bearish, tested negative trend back, but prone to reversal. RSI indicator tends to re-test support channel and towards the oversold area, but Bollinger Band begins to widen, thus giving impetus for gold to the upside.
It is estimated that the gold price immediately prior to test support in the area of at least 1133.10 and re-test the maximum level of 1128.20. However, if the price of gold is able to break and hold above 1138.20, the predicted gold prices could potentially test Resistance ie, 1140.10 and 1145.25.
