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. Thanks for coming on today.
The omicron variant, plus factors like tapering at the Fed have all sent U.S. stocks sharply lower these past several sessions, but on Thursday they bounced back. That was especially true for travel-related names like airlines. What's the story in the global markets and your outlook, considering all that's going on.
Here in Korea, the market was down in the morning on institutional selling, but turned around this afternoon. The KOSDAQ up even more than the KOSPI. Most of the big names higher, with the exception of the major chipmakers. Tell us about the domestic market.
Korea's National Assembly has passed a record-breaking budget for next year of almost 608 trillion won, which is about 515 billion dollars. That includes tens of billions of dollars in low-interest loans for small business, and tens of millions in support for people including freelancers, taxi drivers and bus drivers. Tell us about this so-called super budget and what you make of it.
Finally, we see that in November, Korea's foreign exchange reserves were lower, having reached new highs each of the previous four months. Down about 5.4 billion dollars from the month before. What's the significance of this decline in FX reserves?