THE KOSPI DECLINE: US-NORTH KOREA SUMMIT
At the second US-North Korea summit held in Hanoi, Vietnam, KOSPI is widening its decline.
The KOSPI fell 33.36 points (1.49 percent) to close at 2201.43 as of 3 pm on the 28th.
In particular, foreigners are selling 276.8 billion won worth of stocks, which is making a decline. Institutions and individuals are buying 237.8 billion won and 37.8 billion won respectively.
The KOSPI has begun to decline slightly as expectations for the US-North Korea summit are mixed with concerns about global military and trade tensions. However, it seems that market participants have sensed an abnormal climate as President Trump and Kim’s luncheon at the summit began to postpone.
Reported that Trump and Kim’s business luncheon was suspended. The White House said that it would speed up the Trump press conference scheduled for 4:00 pm local time in Vietnam, to 2:00 pm.
Два вождя после дождя: Трамп и Ким Чен Ын денуклеризируют Корейский полуостров прогулкой по вьетнамскому саду pic.twitter.com/1yA1OMsQ7M
— Дмитрий Смирнов (@dimsmirnov175) February 28, 2019
The Tokyo Stock Exchange ended lower on Thursday due to renewed questions about Sino-US trade and the announcement of a drop in industrial production last month. The Nikkei index lost 0.79 % at 21,385.16 points and the wider Topix also yielded 0.79% to 1,607.66 points.
Asian markets are in turn caught up in trade doubts after US Trade Representative Robert Lighthizer says US and China are still far from an agreement that will put an end to the trade dispute “the most serious” that Washington had to face.
“Prudence regarding trade agreements is back,” said Shingo Ide, head of equity strategy at NLI Research Institute. “The market has reached a consensus: the clash between the United States and China on trade will last for some time.”
Fears over trade came on top of an unfavorable indicator of Japanese industrial production, which saw its sharpest decline in a year in January, a new alarming sign of the impact of the trade dispute on the country’s economic activity. .
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