The Korean economic system repeats sharp fluctuations in the price index of US inflation, showing a telephoto effect, in which fluctuations gradually increase.
On the 13th, the day before the release of the US CPI, Samsung Electronics rose by 4.5% when the Wall Street forecast came out as a decline from the price point.
The Korean economy, which relies on Samsung Electronics' stocks, continued to highlight the rise in stock prices and approached '60,000 electronics', then plummeted to the mid-50,000s level again.
The won/dollar exchange rate rose to 1,395.5 won on the 14th and approached the 1,400 won level.
The exchange rate on this day is the highest in 13 years and 5 months since the financial crisis on March 31, 2009 (1,422.0 won based on the high price) when it opened at 1,393.0 won, which was 19.4 won higher than the previous day, and broke through 1,390 won.
The average target price of Samsung Electronics at major domestic securities companies was 81,500 won.
On the 13th, the KOSPI index rose 2.74% from the previous trading day, and Samsung Electronics rose to 58,100 won from 55,600 won the previous day.
On the 13th, securities firms again focused on the ‘low-price buying timing’ through the media.
Their rationale is that Samsung Electronics' stock price is 1.1 times the PBR (Price Net Asset Ratio) compared to this year's expected earnings on the 8th, and "Samsung Electronics stock's PBR of 1.2 to 1.1 times is a valid segment for a mid- to long-term purchase."
Samsung Electronics announced that next year's sales and operating profit will be 302.3 trillion won and 39.4 trillion won, down 4% and 26%, respectively, from this year's expected earnings, and the memory business has already predicted a 16% negative growth compared to this year.
In the downturn of Samsung Electronics' flagship DRAM and NAND, the price decline for next year is expected to be at the level of 26% and 34%, respectively.
Securities companies and the media said on the 13th that the direction of the domestic stock market depended on the CPI of the US in August, but said on the 13th that “if it is lower than the market expectation, the KOSPI can break through the 2,500 line within this week.”
On the day the US CPI rose 8.3% on the 14th, Bloomberg reported that “Asian stocks, bonds and currencies suffered sharply in the aftermath of a widespread sell-off on Wall Street after hotter-than-expected inflation data fueled bets for the Federal Reserve's jumbo rate hike. “The stock indices of Japan, Hong Kong and Australia fell after the US stock market suffered its biggest decline in more than two years, while the S&P 500 fell more than 4% and the Nasdaq 100 fell more than 5%. "European stock futures are down while US contracts are up."
On the 13th, Lee Kyung-min, a researcher at Daishin Securities, said, “The consensus is formed with a CPI of 8.0% (8.5% in July) and a core CPI of 6.1% (5.9% in July). If there is no reversal, monetary policy relief and expectations for economic recovery may flow in the market in the short term,” he told Financial News.
Kim Jang-yeol, managing director of Sangsang-In Securities, told Financial News on the 13th that Samsung Electronics is "a buying opportunity if the stock price falls further from the current stock price."
The U.S. Department of Labor said on the 13th that the CPI rose 8.3% in August from the same month of the previous year, slower than the 8.5% in July. Nomura Securities announced on the 14th that the Fed pays attention to the double the rate of increase from the previous month in the CPI indicator, which is double that of July (0.3%).
US Wall Street investors sold everything from stocks and bonds to oil and gold on the 14th.
All 30 stocks in the Dow Jones Industrial Average fell, all 11 sectors in the S&P 500 fell, and only five stocks in the benchmark rose slightly.
BlackRock, a private equity firm that has made a strong presence in Korea, fell 7.5%, Facebook’s parent company Metaplatform plunged 9.4% and Boeing in the military industry fell 7.2%.
“The U.S. Department of Labor’s announcement the day before that the U.S. Department of Labor’s higher-than-expected year-over-year increase in the CPI in August has heightened speculation that the U.S. Federal Reserve will sharply raise interest rates,” Yomiuri said. The generations are continuing,” he reported on the 14th.
On the 14th, the yen exchange rate in the Tokyo foreign exchange market was about 2.20 yen weaker than the previous day (5 pm), and approached 145 yen on the upward trend of the dollar.
Unlike Korea, the yen, where the Bank of Japan tolerated the interest rate gap with the United States, is expected to widen the interest rate gap between Japan and the United States.
The yen is expensive against the euro and the yen is in the range of 1 euro = 144.0-144.00 yen, and the euro is depreciated, Yoiuri reported on the 14th.
The Bank of Korea predicted that foreign currency outflow would not be large despite the interest rate gap with the US, so the won/dollar exchange rate surged by 20 won on the 14th, approaching the 1,400 won level.
The European Central Bank (ECB) raised the key interest rate by 0.75%p on the 8th to 1.25%, narrowing the interest rate gap with the US (2.25-2.5%).
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