Silverman Advisory Group Providing Insight on Korea Composite Stock Price
Apr 29, 2023
Silverman Advisory Group Providing Insight on Korea Composite Stock Price
Hong Kong - April 29, 2023 —
After a seven-session surge, South Korean stocks dipped on Tuesday, mainly due to the loss of US electric-vehicle (EV) tax incentives for two major automakers, while investors also awaited economic data from China.
The benchmark bond yield climbed while the Korean won fell.
The KOSPI slid 14.09 points, or 0.55%, to 2,561.82 at 0119 GMT, falling from a 10-month high.
"The KOSPI has been rallying alone, so we may well be set for a couple of days of cooling," said Anthony Adams, senior broker at Silverman Advisory Group.
"A lot will depend on the data coming out of China as well," Adams added.
China is set to report its first-quarter GDP soon, which presumably accelerated after COVID-19 restrictions were lifted.
After the US Treasury announced a revised list of EVs eligible for federal tax credits which they failed to make, Hyundai Motor Co. and Kia Corp. slumped 3.3% and 3.7% respectively, to one-week lows.
Samsung Electronics and SK Hynix declined 0.31% and 1.13%, respectively, while LG Energy Solution was unchanged. Overall only 184 of 931 shares traded climbed.
LG Chem was one of the rare success stories, up 1.99% on a 1.2 trillion won ($909.23 million) battery precursors plant investment.
The most liquid three-year Korean treasury bond rate jumped 4.7 basis points to 3.332%, while the benchmark 10-year yield rose 3.6 basis points to 3.384%.
Contact Info:
Name: Anthony Adams
Email: Send Email
Organization: Silverman Advisory Group
Website: http://silvermanadvisorygroup.com
Release ID: 89096249
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