Kospi Index Opened Negative
The Kospi index fell in early trading this morning, Thursday. Position Kospi index fell 0.11% or 2.23 points to 2013.17 after earlier opened in the green zone with gains of 0.27% or 5.43 points at 2020.83.
A total of 457 stocks rose, 177 stocks fell, and stagnant stock 127 of 761 stocks traded on the Kospi.
It’s Skin stock Co. Ltd. down 0.22%, followed by Tonymoly Co. Ltd. with attenuation of 1.88%, and Mando Corp. which fell 0.28%.
In trading Wednesday, the Kospi closed with attenuation of 0.21% or 4.23 points to 2015.40 following the South Korean economic growth slowed in the first quarter of this year due to the sluggishness of exports weigh on corporate investment and a decline in consumer spending.
Technically,
Resistance: 249.70 250.25 250.90 High / Low: 250.30 / 248.40
Support: Closed 247.50 248.40 249.00 Price: 249.25
Comment: For intraday trade today suggest Buy at 248.50; stop loss at 248.10; target at 250.10.
USDJPY Moves in Green Zone
Forex news on Thursday (28/4), the US dollar strengthened against the yen experienced monitored after release of a report this morning Japan’s economic fundamentals. While the results of the FOMC statement this morning, the Fed has kept its benchmark rate unchanged at this time, but hinted at a possible rise in key interest rates at the June meeting, according to a statement issued on Wednesday after a two-day monetary policy meeting.
Ongoing trade in the Asian session, the USDJPY rose 00:13 monitored% to 111.59 where the pair was observed to move touched a low of 111.37 and a high level at 111.63. In US dollar index, which shows the performance of the greenback against a basket of six other major currencies observed rise of 0.02% at the 94.40 level.
Meanwhile, a series of reports this morning Japan’s economic fundamentals have affected the weakening of the yen. Bureau of Statistics said that Japanese household spending fell 5.3% in March when it had recorded an increase of 1.2% in February. At the same time, the Bureau of Statistics said that core consumer inflation growth in Japan decreased 0.3% in March when observed flat 0.0% in February.
On the condition of the Japanese labor market, released by the Bureau of Statistics said that the unemployment rate has decreased, which is a seasonally adjusted 3.2% in March from 3.3% in February.
However, the market’s attention has been focused on results next monetary policy meeting scheduled tentative Japan. In line with the report, the yen has the potential to shift the price volatility.
Technically,
Resistance: 112.10 112.50 113.00 High / Low: 111.77 / 111.46
Support: 110.40 111.00 111.40 Running Price: 111.76
Comment: For intraday trade today suggest Buy at 111.00; stop loss at 110.70; target at 112.55.
Gold Strengthening Continues After FOMC
Gold rose for a third session in a row on Wednesday after the US Federal Reserve failed to provide clearer instructions regarding the potential changes in interest rates in the next meeting in June.
The Fed kept interest rates unchanged and choose to be “wait and see” in determining the interest rate hikes in the future. The US central bank still expects to raise interest rates as much as 2 times in the rest of 2016, with its next policy meeting is scheduled to take place on June 14-15.
While precious metals consultancy GFMS said that if the decline in demand from major Asian consumers may still be weighing on gold prices in the short term. Based on data from GFMS, global gold demand has slumped at an annual pace of 24% to 781 tonnes in the period of three months to March, which is the weakest quarter in 7 years.
Technically,
Resistance: 1244.10 1246.60 1249.40 High / Low: 1245.60 / 1241.80
Support: 1240.70 1236.00 1234.10 Running Price: 1242.50
Comment: For intraday trade today suggest Buy at 1238.00; stop loss at 1235.50; target at 1248.00.
