Seoul gains 1.23% thanks to technology
The Seoul Stock Exchange closed with a rise. The Kospi, its main indicator, increased by 1.23% thanks to the momentum of technological stocks.
The South Korean selective Kospi gained 38.53 points on Tuesday to stand at 3,173.05 units, while the Kosdaq technology stock index advanced 0.69%, or 6.06 points, to close at 969.1 units.
Traders in Seoul today ignored the new setback on Wall Street the day before, driven by inflation expectations. They went hunting for bargains, especially in the tech and semiconductor sector, which benefited from the rebound experienced today by the Taiwan Stock Exchange.
In turn, the rise in the price of steel pushed Posco, the main company in the sector in South Korea. It increased today by a significant 5.04%.
The benchmark in Seoul, Samsung Electronics, closed flat today. Meanwhile, SK Hynix, the world’s second-largest memory chip maker, gained 2.98%.
Biopharmaceutical Samsung Biologics advanced 2.29%, and its competitor, Celltrion, gained 0.93%.
Naver, the operator of the largest South Korean internet portal, climbed 1.6%. On the other hand, Kakao, the country’s main instant messaging application, improved its price by 2.26%.
Hyundai Motor, the largest national car manufacturer, increased its gains by 1.76%.
European stock markets begin to rise
The European stock markets have started their session on Tuesday, pending the publication of preliminary GDP for the first quarter of the year in the eurozone.
After 9 am, the Frankfurt Stock Exchange grew by 0.72%, Milan gained 0.71%, London increased by 0.69%, and Paris added 0.55%.
The Euro Stoxx 50 index, which groups the fifty largest capitalization European companies, also gained 0.72%.
The European stock exchanges will also be pending Tuesday the decision of the German Constitutional Court. It will decide whether its decision a year ago (5/5/2020) on the ECB’s pandemic emergency purchase program (PEPP) has been sufficiently complied with.
In the debt market, the interest of the German bond, considered the safest, falls and is around -0.114%.
