The Kospi rose 1.2% amid quiet movements in Asian stocks

Kospi jumped 1.2% amid quiet movements of Asian stocks

Asia-Pacific stocks did not record big waves in the morning session of December 11 because investors were still cautious about the progress of negotiating the new fiscal stimulus package of the US.

Korean stocks “green floor” in the morning session on December 11 after the information that exports of this country soared in the first 10 days of December. Photo: AFP

Meanwhile, South Korea’s Kospi index this morning still climbed 1.21% while Kosdaq edged up 0.64% after positive news about the country’s export situation. Reuters quoted Korean government data released this morning, said exports of this country in the first 10 days of December soared 26.9% over the same period last year thanks to high export turnover of key products. , for example, like semiconductor.

In contrast, Japanese stocks were tinged with red with the Nikkei 225 down 0.51% and the Topix index slipping 0.1%. The red also covered Australian stocks in this morning session, with the ASX 200 index slipping 0.26% when stock groups were “red to the floor”. The financial sub-index alone decreased by 0.37% as shares of 3 of the 4 largest banks in Australia were struggling to gain points. The rest, shares of Westpac, Australia’s second-largest bank, inched slightly 0.13 percent.

Mainland China stocks also fell in the red this morning when all three major indices fell. The Shanghai Composite Index slid 0.13%, while the Shenzhen Composite and Shenzhen Component lost 0.67% and 0.6%, respectively. In contrast, the Hong Kong stock market this morning “green floor” with the Hang Seng index rose 0.86%.

Mixed movements in Asia-Pacific markets have been repeated in recent sessions when US stocks had a week of declining trading week due to disagreements in negotiating a new fiscal stimulus package. NBC News news channel quoted US Senate Majority Leader Mitch McConnell’s office official as saying that the Republican senators would not support the proposed $ 908 billion fiscal stimulus package. Before that, “steel dress lady” Nancy Pelosi, US House Speaker again confirmed that negotiations between the officials of the two Democrats and Republicans are going “great progress”.

The Dow Jones and S&P 500 index lost 0.7% and 0.8% respectively this week, marking the first “red floor” trading week in 3 weeks, while the technology-oriented Nasdaq Composite index has the first dropping week in the past 4 weeks with a decrease of 0.5% for the whole week.

Tapas Strickland, Head of Economy and Markets at Australia National Bank (NAB), said the stock markets may weaken in the short term but the outlook remains positive in the medium term as some countries. beginning of circulation of vaccines resistant to Covid-19.

Most recently, the advisory board of the US Food and Drug Administration recommended a license for the Covid-19 resistant vaccine developed by the pharmaceutical company Pfizer.

On the other side of the Atlantic, post-Brexit trade negotiations between the UK and the EU are still at a standstill as major differences between the two sides in terms of fishing rights and competition regulations have not been resolved. Downing Street said “there are still big gaps” in the bilateral trade deal while European Commission President Ursula Von der Leyen said the two sides are still “far apart”.

On the money market, the greenback this morning weakened. The US dollar index against other major currencies slipped 0.17% to 90,672, from 90,800 set yesterday. Japanese Yen strengthened and changed hands 103.99 JPY / USD compared to 104.27 JPY / USD, while Australian dollar appreciated 0.28% and converted 1 AUD “eat” 0.7554 USD.

Oil transactions in Asia increased this morning. Crude oil futures price of the US increased 0.36% to 46.95 USD / barrel while Brent oil futures price inched up 0.24% and traded 50.37 USD / barrel.

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