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Improving Biz. Conf., Samsung Profit Beat Outweighed By Caveats & Weds' Risk Aversion

KOREAN WON

Overnight risk rout, linked to the dire coronavirus situation across Europe, pushed spot USD/KRW higher at the re-open, despite improvement in the BoK's business sentiment gauge & a beat in Samsung's Q3 earnings. The rate last operates +4.35 fig. at KRW1,134.95.

  • The BoK's Business Survey showed that manufacturers' confidence index increased to 76 from 68, while its counterpart measuring sentiment among non-manufacturers rose to 69 from 62. Both readings remained comfortably below the breakeven 100 level.
  • Alongside the release of above-forecast profit for Q3, Samsung warned that the outlook for Q4 is negative amid weakening demand for memory chips and increasing competition in mobile phones and consumer electronics.
  • Bank of Korea extended its loan facility for financial companies through Feb 3.
  • The number of coronavirus cases confirmed in South Korea rose by 125 today, with cluster infections still stoking concerns.
  • Bulls would be pleased by further gains past Oct 22 high of KRW1,138.25, which would clear the way to Oct 13 high of KRW1,151.45. Bears look for a fall through Oct 27 low of KRW1,125.00. This would allow them to take aim at Feb 27, 2019 low of KRW1,115.00.
  • South Korean industrial output for the month of September will be released tomorrow.
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