Kospi Ends Negative
At the close of trading on the stock exchange last Friday South Korea, the Kospi index closed down -6.78 points or -0.34 percent, at 1,994.15. Weakening Kospi index triggered weakening Wall Street and the fall in production of South Korea. These results make a weekly basis to record the results a decrease of 1 percent.
Stocks closed lower in late trading on Thursday, as the drop in Apple shares and slowing US economic growth in the first quarter of 2016. The Dow Jones industrial average closed down 1.17 percent, at 17,830.76, with the decline in Apple shares. The S & P 500 closed down 0.92 percent, to 2,075.81, with the information technology sector led the nine sectors were lower. The Nasdaq index closed down 1.19 percent, at 4,805.29.
South Korea’s industrial output fell from a year earlier in March, a South Korean government report showed on Friday (29/04).
Production in the mining, manufacturing, gas and electricity fell 1.5 percent last month from a year ago, according to Statistics Korea. From the previous month, industrial production retreated 2.2 percent.
In late trading Friday, shares of Samsung Electronics fell 1.58 percent, while Hyundai Motor fell 3.04 percent. Shares in Kia Motors fell 0.62 percent.
Shares of chemical companies also weak, with LG Chem shares fell 1.98 percent, SK Telecom, the main mobile operators, down 2.14 and revealed first-quarter earnings were worse than expected.
Stocks are amongst the positive. Shares market leader AmorePacific ended 0.87 percent. Shares of Internet portal operator Naver also gained 2.73 percent.
The local currency closed at 1,139.3 won against the greenback, down 1.1 won from Thursday’s close then.
As for the Kospi index futures tracked down -0.05 points or -0.082% at 2465.30, down from a previous close at 245.35.
On Monday it will be released South Korean trade balance data in April are expected to decline from the previous results.
Technically,
Resistance: 245.70 246.25 246.90 High / Low: 246.65 / 244.50
Support: 243.50 244.20 245.00 Closed Price: 245.25
Comment: For intraday trade today suggest Buy at the level of 244.30; stop loss at the level of 244.00; the target at the level of 246.15.
Dollar Weakens Towards The Fed
The exchange rate of the US dollar (US) continues to weaken against the Japanese yen in New York trading on Friday as investors digested a number of economic data from the US. US personal consumption expenditures increased by 12.8 billion dollars or 0.1 percent in March, which failed to meet market expectations, according to the US Department of Commerce.
In March 2016 personal income in Uncle Sam was increased to 57.4 billion dollars, or 0.4 percent, and personal income after taxes (personal disposable income) rose to 50.4 billion dollars, or 0.4 percent. Figures final consumer sentiment for April 2016 fell to 89.0 from 91.0 in March, the consumer sentiment index records Thomson Reuters / University of Michigan showed on Friday.
On Thursday, the US dollar fell about three percent against the Japanese yen after the Bank of Japan (BoJ) decided to maintain the current monetary policy unchanged, although the market expects for additional easing. The dollar index, which measures the greenback against six major currencies, fell 0.76 percent to 93.048 at the end of trading on Friday.
Technically,
Resistance: 106.90 107.50 108.00 High / Low: 106.69 / 106.33
Support: 105.20 105.60 106.00 Running Price: 106.46
Comment: For intraday trade today suggest Buy at the level of 106.00; stop loss at the level of 105.70; the target at the level of 107.25.
Gold Closed At Highest Level
Gold showed impressive pace in the last week, the strongest since Monday last week and the last two days showed a sharp strengthening. Gold has now towards strengthening level in three weeks and touched the level of $ 1287 per troy ounce.
The weakening dollar is accompanied by a decrease in the stock market to make gold continues to strengthen. The dollar weakened after US Federal Reserve (Fed) interest rates, coupled with US economic growth slowed in the first quarter of this year.
US economic data that having negative impact on the dollar. Core inflation based on personal consumption expenditures (PCE), which is rumored to be the Fed’s benchmark rose only 0.1% in March, lower than the previous month’s 0.2%. Not only that, US consumer spending in March also rose only 0.1%, which lowered its outlook for future inflation.
Technically,
Resistance: 1297.50 1299.80 1301.20 High / Low: 1295.90 / 1293.10
Support: 1291.00 1289.40 1287.10 Running Price: 1295.40
Comment: For intraday trade today suggest Sell 1298.00; stop loss at the level of 1300.50; the target at the level of 1288.00.
