KOSPI and ASX Break Winning Streak, and Singapore Index Falls Too

KOSPI breaks the winning streak

South Korea’s KOSPI, which gained in the last two sessions, fell today. The index dropped 0.26% to 2,059.59. The Korean won gained against the US dollar, hampering the exporters. As the reports of the US lobbying Korea to not to use Huawei products emerged, LG Uplus, a telecom operator using Huawei products slipped.

On Wednesday, the iShares MSCI South Korea Capped ETF (EWY) gained 0.2%. However, the ETF was down 0.25% in pre-market trade today at 4:38 AM EST.

KOSPI and ASX Break Winning Streak, and Singapore Index Falls Too

ASX below 6500

After scaling new heights this week, Australia’s ASX200 retreated today. The index dropped 0.29% to close at 6,491.8 today. Before noon local time, it seemed like it was headed for a bigger loss, but the index recovered in the second half of the trading day.

Australia’s Manufacturing PMI and Services PMI for May were released today. Manufacturing PMI came in at 51.1, higher than April’s 50.9. Services PMI came in at 52.3, considerably higher than April’s 50.1. Both measures showed an expanding economy. Both the iShares MSCI Australia ETF (EWA) and the iShares MSCI ex-Japan ETF (EPP) stayed steady yesterday.

Straits Times Index

Singapore’s Straits Times Index fell 0.7% today in a broader sell-off across Asian markets.

The iShares MSCI Singapore ETF (EWS), which lost 1.06% yesterday, was down 0.73% in today’s pre-market at 7:07 AM EST.

European markets and US Index futures were also trading in the red today at 8:28 AM EST.