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Showing posts with the label south korea economy. economy updates

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Market Daily Report: Selective Buying Of Defensive Stocks Lifts Bursa Malaysia Higher At Close

 KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
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South Korea Prepares Support for E-Commerce Vendors Hit by Payment Delays

South Korea's financial authorities are set to provide at least 560 billion won (US$404.55 million) in liquidity support to small businesses impacted by recent payment delays from e-commerce platforms, the finance ministry announced on Monday. Key Developments: Government Intervention: The intervention follows an investigation into e-commerce firms TMON and WeMakePrice, owned by Singapore-based Qoo10, for failing to pay vendors. Official Statement: Vice finance minister Kim Beok-seok emphasized the government's commitment to minimizing damage, stating, "The responsibility lies with the e-commerce platforms, but the government cannot just watch the situation." Support Measures: The support will be provided mainly through low-interest policy loans for small businesses. Additional measures include extensions for existing loan repayments and tax payments. Vendor Concerns: TMON and WeMakePrice have stated they are working to minimize damage to customers and are informing t...
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South Korean Economy Unexpectedly Shrinks as Consumer Spending Falls

  South Korea's economy experienced an unexpected contraction in the second quarter, marking the sharpest decline since 2022. The slump in consumer spending offset an export boom, raising the likelihood of an imminent interest rate cut. Key Points for Investors: Economic Contraction: GDP Decline: Gross domestic product (GDP) fell by 0.2% from the previous quarter, the steepest drop since Q4 2022. Forecast Missed: Analysts had predicted a 0.1% gain according to a Reuters poll. Consumer Spending: Private Consumption: Declined by 0.2% quarter-on-quarter. Construction Investment: Dropped by 1.1% from the previous quarter. Exports: Increased by 0.9%, indicating some resilience in the export sector. Interest Rate Outlook: Current Rate: The Bank of Korea (BOK) kept the key interest rate at 3.50%, a 15-year high. Potential Rate Cut: Weak economic data and easing consumer price pressures have increased calls for a rate cut, possibly as soon as next month. Market Expectations: Some a...
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