Korean stocks wobble on Wall Street woes
- 5 years ago
We start off by taking a look at how stocks are doing.
South Korea's main stock market opened on Friday after a plunge in share prices in the U.S. and other major markets... over lower-than-expected sales by U.S. smartphone maker Apple... and concerns of a slowing global economy.
We have Kim Ji-yeon on the line for us.
Ji-yeon, let's start with Korea's KOSPI.
Sure Mark.
According to the Korea Exchange, the nation's benchmark KOSPI in its intra-day trading just below the psychologically important 2-thousand level on Friday.
This comes after it closed below the mark to lowest level in more than two years... as investor confidence waned due to concerns of a slowing global economy.
Institutions had sold nearly 1-hundred 50-million U.S. dollars worth of KOSPI shares in a single day on Thursday.
In response, senior officials from the Bank of Korea held a meeting to monitor the situation and discuss countermeasures following big declines in stock markets in the U.S. and other major countries.
Apple's profit warning has been cited as the major reason for market rour on Wall Street,... but it also sent shockwaves around the world....
That's right.
Japan's Nikkei fell by more than three-percent from the previous session... while the TOPIX dipped by more than two-percent in intra-day trading on Friday.
MSCI's index of Asia-Pacific shares outside Japan gained slightly by zero-point-two-percent.
All three major U.S. stock indexes were down by more than 2 percent, with the tech-heavy Nasdaq posting a 3 percent loss on Thursday.
Apple's stock plunged nearly 10-percent to 142 dollars, its biggest single-day drop in six years.
Apple's chief executive Tim Cook warned the company's revenue for the first quarter of the fiscal year would be about 10-percent lower than expected... at 84-billion dollars.
He blamed the slowing economy in China for the weaker sales figures.
With this, pundits went on to say that the China-U.S. trade war, and the billions of dollars in tariffs they had imposed on each other during the latter half of last year has affected Apple's business.
Weaker-than-expected U.S. manufacturing figures also exacerbated market anxiety... a report from the Institute for Supply Management shows the U.S. had suffered the biggest drop since 2008, the height of the financial crisis.
The International Monetary Fund has already forecast that China is set to record the slowest growth rate in 28 years in 2018 with 6-point-6-percent.
Officials from China and the U.S. are reportedly planning to hold meetings to hammer out a deal on trade this month... to try to turn the current trade truce into something more permanent before the deadline in March.
Mark?
Thank you Ji-yeon for the report.
South Korea's main stock market opened on Friday after a plunge in share prices in the U.S. and other major markets... over lower-than-expected sales by U.S. smartphone maker Apple... and concerns of a slowing global economy.
We have Kim Ji-yeon on the line for us.
Ji-yeon, let's start with Korea's KOSPI.
Sure Mark.
According to the Korea Exchange, the nation's benchmark KOSPI in its intra-day trading just below the psychologically important 2-thousand level on Friday.
This comes after it closed below the mark to lowest level in more than two years... as investor confidence waned due to concerns of a slowing global economy.
Institutions had sold nearly 1-hundred 50-million U.S. dollars worth of KOSPI shares in a single day on Thursday.
In response, senior officials from the Bank of Korea held a meeting to monitor the situation and discuss countermeasures following big declines in stock markets in the U.S. and other major countries.
Apple's profit warning has been cited as the major reason for market rour on Wall Street,... but it also sent shockwaves around the world....
That's right.
Japan's Nikkei fell by more than three-percent from the previous session... while the TOPIX dipped by more than two-percent in intra-day trading on Friday.
MSCI's index of Asia-Pacific shares outside Japan gained slightly by zero-point-two-percent.
All three major U.S. stock indexes were down by more than 2 percent, with the tech-heavy Nasdaq posting a 3 percent loss on Thursday.
Apple's stock plunged nearly 10-percent to 142 dollars, its biggest single-day drop in six years.
Apple's chief executive Tim Cook warned the company's revenue for the first quarter of the fiscal year would be about 10-percent lower than expected... at 84-billion dollars.
He blamed the slowing economy in China for the weaker sales figures.
With this, pundits went on to say that the China-U.S. trade war, and the billions of dollars in tariffs they had imposed on each other during the latter half of last year has affected Apple's business.
Weaker-than-expected U.S. manufacturing figures also exacerbated market anxiety... a report from the Institute for Supply Management shows the U.S. had suffered the biggest drop since 2008, the height of the financial crisis.
The International Monetary Fund has already forecast that China is set to record the slowest growth rate in 28 years in 2018 with 6-point-6-percent.
Officials from China and the U.S. are reportedly planning to hold meetings to hammer out a deal on trade this month... to try to turn the current trade truce into something more permanent before the deadline in March.
Mark?
Thank you Ji-yeon for the report.