Asian markets finished Thursday's trading on a weak note amid disappointment over weak tech earnings and anxiety ahead of an earnings report by chipmaker TSMC..
Kospi: The market was broadly in a cautious mood as investors awaited Federal Reserve Chair Jerome Powell s remarks after strong economic data in the United States provided support for more rate hikes.
Retail investors have failed to enjoy the boon of recent stock market rallies, as they turned out to have purchased trending stocks related to post-pandemic reopening and secondary batteries at their peak prices. According to bourse operator Korea Exchange (KRX) on Monday, the monthly average rate of return for the 10 most-purchased stocks by retail investors stood at minus 2.46 percent in May.
South Korean stocks closed at a one-year high Friday, led by large-cap tech gains, on hopes the Federal Reserve will pause its aggressive monetary tightening and the United States debt ceiling deal will pass. The local currency rose against the U.S. dollar.
U.S. stocks were directionless Friday as investors weighed up a dampening of consumer sentiment following a softening in the University of Michigan's consumer sentiment index.