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KOSPI crumbled yesterday in reaction....>

SOUTH KOREA
SOUTH KOREA: KOSPI crumbled yesterday in reaction to a surge in the number of
Covid-19 cases confirmed by South Korea over the weekend. The index tore through
several technical levels, including a key support from the 50% retracement of
the Aug 6 - Jan 20 rally/Feb 3 low in the 2,084/82 area. High volume indicated
the underlying strength of the move. That being said, the index has staged a
modest corrective rebound today, creeping back above highlighted former support
levels & the 200-DMA at 2,096. Bulls look to hold onto those gains at the least,
before setting their sights on the 100-DMA at 2,144 & Feb 21 low of 2,160.
However, renewed selling pressure would draw attention to the Dec 5 low of
2,053, the next key support level below.
- Fiscal stimulus measures pledged by South Korean officials remain under the
microscope. FinMin Hong said that the gov`t is set to inject KRW2tn from its
reserve funds, while pushing for an extra budget. On the monetary side, the BoK
will deliver its rate decision on Thursday. The impact of hopes for effective
policy action on KOSPI may have been augmented by possible dip-buying today.
- See chart at: https://emedia.marketnews.com/marketnewsintl/KOSPI25022020.png
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