Seoul: Won, stocks recover as Fed Sept hike talk ebbs

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The South Korean won and shares rebounded early on Tuesday after US Federal Reserve Governor Lael Brainard’s comments made it more likely that the Fed will stand pat in September.

The won stood at 1,109.5 as of 0203 GMT, up 0.4 per cent compared with Monday’s close of 1,113.5.

The Korea Composite Stock Price Index (Kospi) was up 0.6 per cent at 2,003.54 points.

“If the Fed ends up keeping its rates unchanged for September, the won will be kept at its current level which is at around 1,100,” said June Park, a foreign exchange analyst at Daishin Economic Research Institute.


Seoul: Stocks, won drop on suspected North Korean nuclear test

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South Korean shares and won fell early on Friday following a suspected North Korean nuclear test.

South Korea’s presidential Blue House will hold a National Security Council meeting at 0200 GMT on Friday after seismic activity was detected near North Korea’s known nuclear test site, activity South Korea said could have been a nuclear test.

The Korea Composite Stock Price Index (Kospi) was down 1.2 per cent at 2,038.21 points as of 0201 GMT.

The won was quoted at 1,100sw.1, down 0.7 per cent compared to Thursday’s close of 1,092.6.

Hong Kong: Stocks extend gains at open

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Hong Kong stocks rose in early trade, adding to the previous day’s rally on upbeat Chinese trade data, while investors await the release of mainland inflation figures.

The Hang Seng Index added 0.20 per cent, or 46.68 points, to 23,966.02.

But the benchmark Shanghai Composite Index was marginally lower, edging down 0.52 points to 3,095.43, while the Shenzhen Composite Index, which tracks stocks on China’s second exchange, was slightly up, ticking 0.51 points higher to 2,050.59.

Seoul: Won rises to 3-week high, stocks firm on weak US data

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The South Korean won jumped to a three-week high early on Wednesday as downbeat economic data from the world’s biggest economy dented already-low chances of the Federal Reserve raising interest rates as early as this month.

The won stood at 1,094.6 as of 0214 GMT, its highest since Aug 16, and up one per cent compared to Tuesday’s close at 1,105.2.

The US dollar slumped after a survey showed US services sector activity slowed to a 6-1/2-year low in August amid sharp drops in production and orders, pointing to slowing economic growth.

“All the economic data from the US that came out in September were below expectations. The won will stay strong against the dollar even if Federal Reserve officials keep their hawkish stance,” said Park Sung Woo, a foreign exchange analyst at NH Futures.

Stocks to watch: CapitaLand Mall Trust, Rickmers, SGX, China Minzhong Food

THE following companies made material announcements before the opening of Wednesday’s market:

CapitaLand Mall Trust said that the new Funan mall, when ready in the fourth quarter of 2019, will be a platform that “inspires retail innovation” and offers a “new paradigm” for living, work and play.

Funan will go beyond selling IT products to “incorporating the tech experience throughout the entire integrated development”.

The new property will have a total gross floor area (GFA) of 887,000 sq ft. Occupying more than half the GFA at 500,000 sq ft will be the mall, a six-storey retail component which comprises four levels above ground and two basement levels. Three towers will sit above, including two six-storey premium Grade A office towers from Level 5 to Level 10 with a GFA of 266,000 sq ft, and a nine-storey block housing 279 co-living apartment units from Level 4 to Level 12 with a GFA of 121,000 sq ft.

Singapore shares open 0.4% higher on Wednesday after firmer Wall Street

f4f82-sgx3SINGAPORE stocks opened 0.41 per cent higher on Wednesday, with the Straits Times Index adding 11.74 points to 2,908.29 as at 9.01am.

Nasdaq hit a fresh record, jumping 0.5 per cent to 5,275.91 points on Tuesday, up about 14 points from the last record set on Aug 15.The Dow Jones Industrial Average added 0.3 per cent to 18,538.12, while the broad-based S&P 500 rose 0.3 per cent to 2,186.48. Lacklustre US economic data reportedly boosted confidence that the Federal Reserve will continue to keep interest rates low.

In Singapore, about 73.7 million shares worth S$56.1 million in total changed hands. Gainers beat losers 80 to 35.

Top stocks by value traded were DBS, SGX and Singtel.