Kospi Index Stable
At the opening of the South Korean stock market trading on Wednesday (17/02), the Kospi index opened higher, currently observed rise of 6.60 points, or 0.35 percent, at 1894.90. Strengthening the Kospi with stable unemployment rate and international credit ratings.
This morning the data released economic indicators Unemployment Rate in January, where the recorded unemployment rate is at a position of 3.5%, the same as an earlier results at 3.5%.
South Korea’s Ministry of Finance said that the global rating agencies will maintain stable credit rating outlook South Korea dismissed the launch of long-range missile North Korea and the closure of the Kaesong Industrial Complex.
Finance Ministry of South Korea said on Tuesday (16/02) that Moody’s Investors Service believes that the real clash between the two Koreas is not likely to occur, while Fitch Ratings called the confrontation that occurred recently as a repetition of past events.
Standard and Poor’s reported projected that the geopolitical risk from the recent crisis would have a limited impact on the economy of South Korea, as already reflected in South Korea’s sovereign credit rating.
In early trading this morning, stocks that amplifies the Kospi is Shinpoong Paper Mfg shares rose 14.47%, shares rose 14.16% Feelux, Life Science Geneone shares rose 11.57%, Metal Daiyang shares rose 9 61%, shares rose 9.45% Shinwoo.
As for the Kospi index was observed futures rose 1.50 points, or 0.65% at 233.55 positions, up from its previous close at 232.05.
Technically,
Resistance: 233.00 233.50 234.10 High / Low: 233.10 / 231.35
Support: Running 231.10 232.00 232.50 Price: 232.85
Comment: For intraday trade today suggest Buy 232.00 stop loss at the level of 231.60 at the level of the target at the level of 233.70.
Euro Weakens Against US Dollar
Valeria Bednarik, chief analyst at FXstreet explained that the EUR / USD fell for a third day in a row, fell as the dollar benefited from the reversal of oil prices and waning risk appetite.
“In the European morning, the news had been broadcast to announce an agreement between Saudi Arabia, Russia and other oil producers, to freeze output at the level of January. Oil traded further higher than news, but suddenly reversed, because the announcement is not far from the expectations of market leading to production cuts. ”
“Also, and as expected, disappointing German ZEW index, hit by market turbulence. According to February data, the assessment of the current situation fell to 52.3 from 59.7 in the previous month, while expectations fell to 1.0 out of 10, 2 before. In the US, Empire State Manufacturing survey in February 2016 showed that business activity continued to decline for local producers, posted a bigger-than-expected decline, down to -16.6. ”
“Technical bias for the pair is bearish, because pressing the 1.1120 area again at the end of the day, and with the short-term picture pointing to the continued downturn, because the 1 hour chart, the price broke below 20 SMA and stay under it for American afternoon, while technical indicators moved lower in bearish territory.”
Technically,
Resistance: 1.1160 1.1200 1.1240 Prev. High / Low: 1.1145 / 1.1118
Support: 1.1100 1.1060 1.1000 Running Price: 1.1127
Comment: For intraday trade today suggest Buy at the level of 1.1080 stop loss at the level of 1.1064 and targets at level 1.1178.
Gold Fall From ECB Post Comments
Gold prices came under pressure due to investor optimism on the pace of the global economy after the stock market rally and the ECB expressed readiness to add stimulus.
Monday, ECB President Mario Draghi reiterated the central bank will not add stimulus at the meeting of the monetary March if it is believed the chaos of the financial markets or the fall in oil prices may weigh on the rate of inflation is low, so assuage the fears of investors fretted over the chaos of the financial markets such as the era 2008.
US recession is still unlikely, while European banks still have access to liquidity is abundant, thanks to the provision of emergency funding that is set in 2012, according to Goldman Sachs expects the price of gold still has the potential to fall to $ 1.100 per troy ounce in the next 3 months.
Technically,
Resistance: 1199.10 1203.60 1206.80 High / Low: 1204.00 / 1195.60
Support: 1195.70 1193.00 1191.40 Running Price: 1197.70
Comment: For intraday trade today suggest Buy at level 1195.50 1193.00 stop loss at the level of the target at the level of 1205.50.
