Why stock market so high

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,612.45 points on Thursday, down 4.77 points, or 0.18 percent, from the previous trading day. [NEWS1] Stocks ended lower Thursday over the gloomy outlook on inflation and concerns over aggressive monetary tightening. The won fell against the dollar. The Kospi lost 4.77 points, or 0.18 percent, to close at 2,612.45. Trading volume was light at 583.60 million shares worth 8.48 trillion won ($6.69 billion), with decliners outpacing gainers 422 to 395. Institutional investors sold a net 155.8 billion won, while retail and foreign investors bought a net 95.6 billion won and 37.8 billion won worth of shares each. The index opened higher, tracking overnight gains on Wall Street, as the U.S. Federal Reserve's minutes of the early May meeting indicated some flexibility in its rate hike plans. But the market turned lower, after the Bank of Korea (BOK) raised the base interest rate by a quarter … [Read more...] about Stocks end lower over gloomy outlook on inflation

- A + A DAEGU, South Korea (May 26): Global liquefied natural gas (LNG) buyers and sellers are bracing for more uncertainty over Russian supplies and a murky demand outlook from Europe and top importer China in the run-up to peak winter season, industry executives said. Western sanctions on Russia due to the Ukraine invasion have sparked fears of disruption of Russian gas supply to Europe, sending global gas prices to all-time highs earlier this year and raising energy security concerns. Moscow calls its action a special military operation. In addition to unpredictable weather, it remains unclear whether there will be further cuts in Russian supplies to Europe, the executives said. Also uncertain is whether Europe can build new LNG import infrastructure in time to replace massive Russian volumes, they added. One more question is when China will lift COVID restrictions, which have slashed imports in the first five months of this year. "We have massive uncertainty … [Read more...] about Global LNG markets brace for unknowns ahead of winter

- A + A BENGALURU (May 26): Most emerging market stocks in Asia eked out gains on Thursday (May 26) on signs that the US Federal Reserve (Fed) could pause policy tightening later in the year, while regional currencies took a hit from concerns over slowing growth in China. Shares in Singapore led the region's markets higher with a gain of 0.8%, while stocks in Taiwan and India lost 0.8% and 0.6% respectively, and were the biggest losers. Minutes from the Fed's meeting this month showed the faith that the policymakers had in the strength of the US economy, helping lift the mood on Wall Street overnight. But the sentiment was more cautious in Asia which faces risks of capital outflows due to interest rate hikes by global central banks to tame decades-high inflation. The region's currencies were broadly lower, with the Chinese yuan weakening the most with a 0.7% slide as investors digested comments from Chinese Premier Li Keqiang's in a rare nationwide meeting. … [Read more...] about Most Asian stocks rise after Fed minutes; China growth woes hit currencies

- A + A KOTA KINABALU (May 26): Traders in Sabah, in particular, those at Pasar Besar Kota Kinabalu say chicken supply is available, but the stock received from suppliers is limited at the moment. A Bernama survey at the market found that traders could still get their supply of chickens but in smaller quantities compared to before, while whole chicken was still being sold at RM11 to RM11.50 per kg. Chicken seller Rizal Hamid, 43, from Penampang said he would normally place an order for 300 chickens from the supplier every day, but now he could only get between 100 and 150 chickens a day. “At present, we cannot say if supply is adequate or otherwise, it’s so-so. This is because when we make our orders (for chicken) its still available, but we will normally receive just half of the quantity we ordered. “Some would ask me why the situation is like this, and I would usually say there is a problem with chicken feed, that the cost of chicken feed was too high. The … [Read more...] about Chicken still available in Sabah but in limited quantities, say traders

Foreign investors are scooping up Korean bonds while retreating from its stocks. The foreign buying spree for local bonds is fueled by higher yields driven by the country’s base interest rate of 1.25 percent, which recovered to its pre-pandemic level before the United States announced its rate hike, and instability in the European market. In February, foreign investors net sold domestic stocks worth 2.6 trillion won ($2.1 billion), while net purchasing bonds worth 6.4 trillion won, according to the Financial Supervisory Service. Of the 6.4 trillion-won in bonds purchased by foreigners in February, 2.5 trillion won matured in the same month, meaning that net investments from abroad amounted to some 4 trillion won in February. Bond purchases by foreign investors have seen a steady increase since last year. The total amount of listed bonds in Korea owned by foreigners reached a fresh high for the 14th straight month of 221.9 trillion won in February, up 46 percent from January … [Read more...] about Foreign investors have a thing for Korean bonds

DAVOS, Switzerland — German Chancellor Olaf Scholz expressed hopes Friday for global cooperation on climate change, hunger and war, while dozens of climate activists demonstrated in the Swiss town of Davos as a meeting of global elites ended with many words but little concrete action to solve the world’s most pressing crises. The German leader ratcheted up his criticism of Moscow’s military onslaught in Ukraine during a speech on the last day of the World Economic Forum’s annual meeting. He said Russian President Vladimir Putin “wants to return to a world order in which the strongest dictate what is right, in which freedom, sovereignty and self-determination are not.” Voicing hopes for countries to work together on shared crises, Scholz said today’s world is no longer bipolar as it was during the Cold War era — when United States and the Soviet Union dominated geopolitics. “If some want to take us back to the past of nationalism, imperialism and war, our answer is ‘not with us.’ … [Read more...] about Davos: Germany seeks “multipolar” world amid climate protest