South Korea's Kospi Index falls 0.3% to 2733.03 at open
ByAinvest
Monday, May 20, 2024 8:01 pm ET1min read
BOX--
The Kospi Composite Index of the South Korean Stock Exchange experienced a decline of 0.3% on Monday, May 20, opening at 2733.03 [1]. This comes after a six-day upward trend that saw the index reach a high of 2741 on Monday, May 13 [3].
The latest decline in the Kospi Index was influenced by a range of factors, both domestic and international. On the domestic front, the decline in chip and battery stocks, which account for a significant portion of the index's weight, weighed heavily on the index [3]. Samsung Electronics, SK Hynix, LG Energy Solution, Samsung SDI, and SK Innovation all experienced losses of over 1% on Monday [3].
Internationally, concerns over the impact of China's AI-in-a-box products on the growth strategies of big tech companies, as well as the ongoing trade tensions between China, the US, and the EU, may have contributed to investor uncertainty and selling pressure [2].
Despite the latest decline, the Kospi Index remains in positive territory for the year, having gained 69 points or 2.61% since the beginning of 2024 [3]. However, analysts at Trading Economics forecast the index to trade at 2715.83 points by the end of this quarter and at 2607.37 in 12 months time [3].
It's worth noting that the South Korean Stock Market reached an all-time high of 3316.08 in June 2021 [3]. While the latest decline may be a cause for concern for some investors, it's important to keep in mind the broader trends and long-term outlook for the South Korean economy and stock market.
[1] https://tradingeconomics.com/kospi:ind
[2] https://markets.ft.com/data/indices/tearsheet/summary?s=KSPI:KSC
[3] https://tradingeconomics.com/south-korea/stock-market
South Korea's Kospi Index falls 0.3% to 2733.03 at open
The Kospi Composite Index of the South Korean Stock Exchange experienced a decline of 0.3% on Monday, May 20, opening at 2733.03 [1]. This comes after a six-day upward trend that saw the index reach a high of 2741 on Monday, May 13 [3].
The latest decline in the Kospi Index was influenced by a range of factors, both domestic and international. On the domestic front, the decline in chip and battery stocks, which account for a significant portion of the index's weight, weighed heavily on the index [3]. Samsung Electronics, SK Hynix, LG Energy Solution, Samsung SDI, and SK Innovation all experienced losses of over 1% on Monday [3].
Internationally, concerns over the impact of China's AI-in-a-box products on the growth strategies of big tech companies, as well as the ongoing trade tensions between China, the US, and the EU, may have contributed to investor uncertainty and selling pressure [2].
Despite the latest decline, the Kospi Index remains in positive territory for the year, having gained 69 points or 2.61% since the beginning of 2024 [3]. However, analysts at Trading Economics forecast the index to trade at 2715.83 points by the end of this quarter and at 2607.37 in 12 months time [3].
It's worth noting that the South Korean Stock Market reached an all-time high of 3316.08 in June 2021 [3]. While the latest decline may be a cause for concern for some investors, it's important to keep in mind the broader trends and long-term outlook for the South Korean economy and stock market.
[1] https://tradingeconomics.com/kospi:ind
[2] https://markets.ft.com/data/indices/tearsheet/summary?s=KSPI:KSC
[3] https://tradingeconomics.com/south-korea/stock-market
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