Just now, the South Korean stock market has collapsed! The Asia-Pacific stock markets are all in the red.
On the morning of December 9, the South Korean stock market suddenly collapsed.
The South Korean Composite Index's decline once expanded to 2%, and the KOSDAQ fell nearly 3%. The KOSPI dropped nearly 2%, reaching its lowest level since November 3, 2023, and this index has retreated 30% from its peak in March.
The Korean exchange rate has also fluctuated significantly. The won fell against the dollar by as much as 0.4%.
In terms of news, the leader of South Korea's largest opposition party, Lee Jae-myung, stated that due to political uncertainty, the financial markets remain turbulent; he calls for the ruling party to participate in the impeachment vote against Yoon Suk-yeol on Saturday.
Korean Finance Minister Choi Sang-mok and Bank of Korea Governor Lee Chang-yong held talks with financial regulatory authorities at their daily meeting, stating that all market stabilization measures will be taken immediately according to emergency plans if necessary to prevent excessive market fluctuations. A plan to improve structural foreign exchange supply and demand will be announced in December to promote foreign exchange inflows.
According to the joint statement, the South Korean government will closely monitor the economy, financial, and foreign exchange markets 24 hours a day and will take preventive measures as necessary to stabilize the markets.
Driven by the South Korean stock market, the Asia-Pacific stock markets have all declined.
Japanese stocks opened high but fell, with the TOPIX and Nikkei 225 indices both turning negative.
FTSE China A50 index futures opened down 0.51%.
The three major A-share indices opened lower collectively, then quickly rose. As of the time of writing, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have all turned positive.
The Hong Kong stock market also opened lower. The Hang Seng Index opened down 0.67%, and the Hang Seng Tech Index opened down 0.8%. Xpeng Motors fell over 2%.
The trading activity of margin traders has increased. As of December 6, the total amount across the two markets was 1,849.212 billion yuan, a decrease of 1.509 billion yuan from the previous trading day. The financing transaction amount was 344.66 billion yuan, accounting for 19.27% of the A-share trading volume, of which the financing purchase amount was 171.576 billion yuan, and the financing repayment amount was 173.085 billion yuan, with trading activity increasing by 26.10%.
Regarding the Fed's interest rate cuts, CITIC Securities' research report states that after the release of the U.S. non-farm data, the market has raised its expectations for the Fed's rate cuts. CITIC Securities believes that the market's expectation of a 'soft landing' for the U.S. economy will at least continue until next year, before Trump's inauguration, and maintains its previous judgment that the Fed will cut rates by 25bps at the December meeting.