Korea’s Kospi manages to stay ahead of the decreasing trend amongst Asian stocks this Thursday. A handful of Asian stocks plunged after the Fed’s latest meeting and assessment of the US economy which revealed that they can add another interest rate hike in the year. Australia’s stocks were also looking to continue its formidable low as local banks releases quarter report.
Kospi manages to peak on its equities index overtaking May 2011’s record, the recent come up is heavily supported by the streamlining run of foreign money exchange into the market. Earlier today, the stock was up by 0.6% at 2,323 and manages to report 11 out of 14 sessions of increase. It also manages to pull an intraday high of as much as 0.7% at 2,234.07. All in all, Kospi is looking at a 10.2% increase for 2017 and is dubbed by many as one of the best-performing Stocks in the Asian Market just inches away from India, Singapore, and Hong Kong.
More Asian Stocks
The country’s smartphone maker, Samsung, also manages to ride the tide with an increase of 1.3% setting a new record high. On the other hand, the rest of the Asian stocks were in a pickle; Hong Kong’s Seng stumbles by 0.5% to 24,567.04, Shanghai Composite of the mainland China also falls by as much as 0.5% to 3,120.04, while Japan’s market was untouched because of the holiday.
Australian Stocks Down
Australia’s stocks were also convoluted as negative data shows from its local bank’s first quarter report. On the brighter side, National Bank of Australia took the higher ground after quarter report increasing ever so slightly while co-banks experience massive loss and decline. The latest hindrance Australian stocks encountered are with the lackluster results from Australia and New Zealand Banking; this sends S&P/ASX 200 tumbling down a hill fetching a 0.4% loss while recently plummeting at a 1% loss signaling a record high dip in six weeks.
Fed’s Meeting Signals Interest Hike
The recent US data has boosted the Fed’s decision to add another interesting hike within this year, according to the CME data;
The greenback also manages to keep afloat despite the struggling 2017 debacle; it manages to keep a small surge after Fed’s meeting last Wednesday. While the euro hits a week low against the dollar, a pre-market reaction before the French election reaches its final round this Sunday.
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