Nikkei Opens Slightly Lower, Kospi Falls Over 1%, Samsung Electronics Falls More Than 3%
TradingKey - During the Asian trading session on June 22, Japanese and South Korean equities both opened lower. The Nikkei 225 opened down 0.26% at 71,067.15, while the KOSPI opened at 8,954.43, down 97.99 points, or approximately 1.1%.
[Source: TradingView]
Recapping last Friday (June 19), the Nikkei 225 closed 0.28% higher at 71,250.06, after touching an intraday record high of 71,952. The KOSPI surged more than 3% during the session to hit an all-time high, but gave up gains late in the day due to profit-taking, closing down 0.16% at 9,049.03.
In individual shares, Samsung Electronics opened at 343,000 won, falling over 3%; SK Hynix stood at 2,728,000 won, down 1.3%; Kioxia opened at 105,600 yen, down over 2%. Kioxia skyrocketed 12.07% last Friday to close at 108,600 yen, with JPMorgan Chase raising its target price on the stock from 80,000 yen to 155,000 yen that day.
On the macroeconomic front, U.S. markets were closed last Friday for the Juneteenth holiday, leaving a lack of external direction. Overnight, Nikkei 225 futures rose 230 points from the Osaka daytime session to 71,850, providing some support for today's open.
New variables have emerged on the geopolitical front. The Iranian military reportedly announced on June 20 that it would re-blockade the Strait of Hormuz, claiming that the U.S. had violated the ceasefire agreement. Consequently, some investors chose to lock in profits, capping the index's upward potential.
There are several key events to watch this week. Micron Technology ( MU) will release its earnings report after the U.S. market close on June 24. MSCI will announce its annual classification review results on June 23, which will decide whether to place South Korea on its developed markets watch list. The progress of U.S.-Iran negotiations is also being closely monitored by the market.
Recommended Articles
