Time now for an in-depth look at the market news this afternoon.
And for that, I'm joined on the line by Mr. Daniel Yoo, global strategist at Yuanta Securities.
Mr. Yoo, good afternoon. Thank you for coming on.
Stocks in New York overnight saw a gain for tech shares ahead of earnings from the big companies there. But in other sectors things were more subdued, so while the Nasdaq was up almost point-9 percent, the Dow slipped by about point-2 percent. What's the story in the global markets?
Today Korean shares closed a fair bit lower ahead of the Fed's latest meeting. Individual investors seeing a chance to buy, but institutions and foreigners were net sellers. The KOSPI, though, holding on to that 32-hundred level. Tell us about the local market.
Interestingly, next week the South Korean regulators are set to end a ban on short-selling that they imposed last March at the start of the pandemic. So, to some, this is a cause for concern because it can actually drive the market lower when things get rough, but also it's a standard tool for hedging. So, what do you think the effect will be if and when short-selling resumes next Monday?
In the first quarter, the South Korean economy grew 1.6 percent, so that's a sign the economy is recovering nicely. Consumer spending rising too. Tell us about the state of the economy and this first-quarter performance.