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▶ The KOSPI goes up and the exchange rate goes down …
KOSPI and electronic exchange card installed at the Hana Bank headquarters in Myeong-dong, Seoul. On the 3rd, the KOSPI closed at 2,696.22, up 20.32 points (0.76%) from the previous day’s closing price, breaking the record for three consecutive days. The won / dollar exchange rate closed at 1,097 won, down 3.8 won from the previous day.
With the expectation of a global economic rebound, foreigners’ Buy Korea continues and on 3, share prices and won value in the domestic financial market are showing strength day by day before the end of the year.
The strong winner leads foreigners to buy KOSPI and purchases from abroad form a virtuous circle that increases the pressure on the winner.
◇ Against row 2,700 KOSPI of net purchases from abroad
On this day, KOSPI closed at 2,696.22, up 20.32 points (0.76%) from the previous day’s closing price. It broke the record high (2,675.90) based on the closing price set the day before on a day.
In the securities market, foreigners bought 222.5 billion won online and, together with individuals who bought 179.5 billion won, led the growth of the index.
Although there have been 500 new confirmed cases of the new coronavirus infection (Corona 19) in Korea, news that the UK has approved the use of a vaccine developed by Pfizer and Bioentech had a positive impact on investment sentiment.
KOSPI broke the record for three consecutive days from the first.
As the stock market continued to hit its highest price, the amount that individual investors had to buy shares also increased to its highest ever recorded.
According to the Korea Financial Investment Association, the credit loan balance of individual investors on the 2nd was 18.27 trillion won, an increase of 244 billion won over the previous day.
As foreign stock market funds crowded the domestic financial market, the won’s value against the dollar continued to strengthen.
◇ Purchases of foreign shares return to a strong win
The weak dollar and the strong won are the prime materials driving overseas purchases.
On this day, the won / dollar exchange rate was 3.8 won lower than the previous day (the won value increased) to 1,097.0 won per dollar.
Based on the closing price, it is the lowest since June 14, 2018 (1,083.1 won).
This is the effect of the increase in the value of the won by foreigners who sell dollars and buy Korean won every day to buy domestic stocks.
Société Générale (SG) economist Oh Seok-tae said: “Korea has been rated as successful in preventing Corona 19, and exports are also successful, mainly semiconductors,” he said.
◇ The virtuous cycle seems to continue until the end of the year
Experts believe that the inflow of foreign “carry trade” funds, which is predominantly expected to continue to weaken the global dollar, is likely to continue for the time being.
Lee Kyung-min, a researcher with Daishin Securities, explained: “With the re-proliferation of the global Crown 19, expectations for monetary and fiscal policies in the United States and Europe have increased, and with the persistence of the weak dollar, the preference for global risky assets has become stronger. “
He added: “Expectations for economic stimulus policies and corona vaccines 19 are changing investment sentiment and the foreign exchange market and affecting supply and demand variables.”
In particular, expectations for the Corona 19 vaccine strongly support investment sentiment. The day before, the UK approved the world’s first urgent use of the Corona 19 vaccine, raising expectations.
Jeong Yong-taek, director of the IBK Investment & Securities Research Center, said: “The direct background of the recent index hike is overseas purchases, and an important factor in purchasing is vaccine-related events. “. “He analyzed.
He said: “This bullish trend is expected to continue until the end of the year,” he predicted. “It is difficult to predict that the current share price will rise to any degree because the level itself is high, but it is probably not a market that is falling easily.”
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