Kospi Trade Venturing With Powered Gains
At the opening of the South Korean stock exchange trading on Wednesday (12/01), the Kospi index opened positively, monitored rose 20.74 points, or 1.10 percent, at 1911.60. Strengthening the Kospi supported Unemployment Rate stable results.
This morning the data released economic indicators Unemployment Rate in December, which posted a return of 3.4%, the same as the previous result at 3.4%.
In early trading this morning, the Kospi index strengthened by shares that Dongbu shares rose 34.19%, shares rose 29.83% Artists, Seowon shares rose 12%, Gs Engineering Coconstruction shares rose 10.74%, Hyundai Developmentengg Cnstn rose 9.9%.
On other news, Samsung Electronics rose 0.61 percent after reports emerged that the consumer electronics giant has been invested into the LCD panel joint venture between Sharp and Hon Hai Precision Industry in Taiwan.
Nikkei Asian Review reported Samsung was interested in buying into Sakai Display Products, a joint venture between Sharp and Hon Hai, the Taiwanese manufacturer out partnership conditions. Sharp and Hon Hai each hold a 37.6 percent stake in the venture, according to Nikkei.
Sharp shares traded down 3.57 percent.
As for the Kospi index futures rose 3.60 points observed or 1.56% at 234.00 positions, up from its previous close at 230.40.
Technically,
Resistance: 233.90 234.40 235.00 High / Low: 233.65 / 231.85
Support: 233.00 232.50 231.80 Running Price: 233.55
Comment: To intraday trade today suggest Buy 232.70 stop loss at the level of 232.50 at the level of the target at the level of 234.40.
Yen Rebounds Against Dollar
Dollar moves steady on Wednesday as the hunt for safe-haven currencies such as the yen and the euro temporarily halted after the Chinese government’s massive intervention to stem the fall of the yuan.
US stocks also rose for a second day, help reduce investors’ jitters over the global economy, despite the bad news of the fall of oil prices is still overshadowing the market.
The tarder is still not too sure that the yuan and Chinese equity markets out of their lowest point in the near future after the movement of wild throughout this year which has made many investors worried that China’s economy is losing momentum – beyond the control of Beijing.
The dollar index rose slightly to 99.18 from lows this week at 98.25 on Monday.
Against the yen, the dollar rose to 117.80 yen, extending a rebound from four-month low at 116.70 which touched on Senin.Euro also weakened to $ 1.0845 from Monday’s highs at $ 1 .0970. Both currencies tend to strengthen the current depressed market because the country behind them are international creditors
Technically,
Resistance: 118.30 118.80 119.40 High / Low: 117.95 / 117.69
Support: 117.50 117.00 116.40 Running Price: 117.87
Comment: To intraday trade today suggest Buy 117.25 stop loss at the level of 117.00 at the level of the target at the level of 118.70.
Gold Price Drops
Gold prices fell at the close of trading on Wednesday before dawn (1.13) due to the strengthening of the dollar against a basket of currencies, after a rebound in European stock markets eroded gold’s appeal as a safe haven asset.
Spot price of gold down 0.36 percent at 1,089.86 dollars per troy ounce, while US gold futures for February delivery was at 1085.20 dollars per troy ounce and the last trading down at 1,089.70 dollars per troy ounce.
Precious metals prices have retreated after hitting a two-month high on Friday triggered a decline in oil prices and world stocks amid concerns over the health of the Chinese economy.
Gold prices retreated from an overnight high of $ 1,099.15 as European stocks rebounded from the initial three-month low and the dollar index rose 0.3 percent.
By 2015, the price of gold has dropped more than 10 percent, most of the impact of expectations that the Federal Reserve raised US interest rates. Low levels, cut the opportunity cost of holding gold while weighing on the dollar, is the main factor pushing gold to record highs in 2011.
The Fed raised rates in December 2015, attention has shifted to how many more times the increase will occur in 2016.
Atlanta Federal Reserve Bank President Dennis Lockhart said that may not be enough new data on inflation to support the next US interest rate hike in March.
Traded fund holdings in gold-backed exchange in the world, New York’s SPDR Gold Shares, rose 2.1 tonnes on Monday, the data of which is shown.
Among other precious metals, palladium was the biggest loss, down 5 percent to 5.5-year low of $ 449.55 an ounce in early trade. Last at $ 463.50 an ounce, down 3.4 percent.
Technically,
Resistance: 1087.10 1089.20 1091.40 High / Low: 1087.70 / 1084.70
Support: 1083.00 1080.40 1076.80 Running Price: 1085.20
Comment: To intraday trade today suggest Sell at level 1087.50 1089.00 stop loss at the level of the target at the level of 1077.50.
