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On the 10th, the global financial market showed discrimination by region, despite the announcement of the provisional clinical results that the effectiveness of the Corona 19 vaccine developed by Pfizer of the United States is greater than 90%.
The Dow Jones Industrial Average 30 was up 2.95% on the New York Stock Exchange in the US at dawn this day in Korean time in anticipation that the effect of the vaccine could boost the economy. It’s the biggest increase in two months. The S&P 500 Index was up 1.17%. Anticipating an economic recovery, West Texas Crude Oil (WTI) for December delivery rose 8.5% per barrel on the New York Stock Exchange. On the other hand, gold for December deliveries fell 5% per ounce.
On the Seoul stock market, which opened three hours after the regular US market closed, the KOSPI rose 6.75 points (0.28%) to 2,453.95, then declined and ended at 2,452.83 , an increase of 5.63 points (0.23%) compared to the previous day. The KOSDAQ index fell 1.22%. Japan’s Nikkei Index, which rose more than 1% at the start of the market, also ended up 0.28%. The Shanghai, Hong Kong and Taiwan stock exchanges fell 0.4%, 0.59% and 0.35%, respectively.
As such, the two interpretations of the temperature difference between the US and Northeast Asian populations are mixed.
First, it is interpreted that the expectation of the economic recovery effect of the vaccine weakened with the passage of time. Concerns about the size of the US stimulus package, the increase in coronavirus cases and Trump’s complaint against the presidential election are overwhelming expectations for the effect of the vaccine. In particular, given the rapid spread of Corona 19, investment sentiment has shifted from encouraging to being callous in acknowledging the situation that even if a vaccine is released, it will take longer for widespread diffusion.
In fact, on that day, the won-dollar exchange rate on the Seoul foreign exchange market rose to 1,119.4 won during the intraday, but after that, the increase dropped sharply to only 1,115.1 won, an increase of 1 , 2 won. The yen-dollar exchange rate, which soared 2% in the New York foreign exchange market, also fell to 0.28% in the Tokyo market at 3:00 p.m. the same day. Imre Spitzer, a currency analyst at Westpac, told Reuters that “the market appears to be overreacting as the vaccine has yet to prove it is safe.”
Some analysts say that Northeast Asian countries, which had a relatively small economic impact due to their superior corona responsiveness compared to other regions, will not benefit from the efficacy of Pfizer’s vaccine. HSBC Holdings Asia Pacific Equity Strategy Team Leader Herald Lind told Bloomberg News: “It is not surprising that equity markets such as Korea, China and Taiwan have not seen any vaccine effect.”
On the domestic stock market, airlines and travel owners, who had suffered in the aftermath of the Corona 19 crisis, quickly recovered. Shares of Korean Air were up 11.24% and Jeju Air and Jin Air were also up 11.11% and 11.54%, respectively. Travel stocks also increased, including Hana Tour 9.17% and Mode Tour 6.90%. Refineries such as S-Oil (14.68%) and GS (6.81%) also rose.
On the other hand, the shares of Naver and Kakao, which benefited from Corona 19, plummeted 5.03% and 4.17%, respectively. Gaming stocks Netmarble (-2.71%), NCsoft (-5.57%) and Kakao Games (-2.20%) also fell. Previously, US Facebook (-4.99%), Amazon.com (-5.06%) and Netflix (-8.59%) also collapsed, leading to inactive beneficiaries.
There is also an analysis that the announcement of the vaccine’s efficacy could be a game-changing opportunity. Seo Jeong-hoon, a researcher at Samsung Securities, said: “As risk preference sentiment has recovered rapidly due to the anticipation of vaccine development in the US stock market, the US stock market is also expected to national values prolong the uptrend, “he said.
Financial Reporter Lee Dong-hoon, Reporter Cho Min-ah [email protected]
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