S Korea, US agree upon fresh dialogue on supply chains

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Seoul, Nov 20 | South Korea and the United States on Friday agreed to establish new dialogue channels to enhance cooperation on supply chains and other trade issues of mutual concern, the two sides said.

The agreement was made during a joint committee meeting of the bilateral free trade agreement (FTA) co-chaired by South Korean Trade Minister Yeo Han-koo and U.S. Trade Representative (USTR) Katherine Tai.

“Minister Yeo and Ambassador Tai agreed to initiate new approaches through enhanced channels of communication to effectively address emerging trade-related issues in areas such as supply chain challenges, emerging technologies, the digital ecosystem, and trade facilitation, with the intention of deepening cooperation to enable common approaches and responses to challenges facing global trade,” their joint statement read.

The two sides also discussed the need “to create sustainable, resilient, inclusive and competitive trade policies that achieve broad-based prosperity,” according to the statement.

Seoul and Washington have sought to boost cooperation to ensure resilient supply chains of major components and other items, such as semiconductors, amid a global supply shortage and an intensified Sino-U.S. rivalry, reports Yonhap news agency.

Earlier this month, Seoul’s Industry Minister Moon Sung-wook met with U.S. Commerce Secretary Gina Raimondo, and agreed to create a new director-level dialogue channel on semiconductors and to hold an inaugural meeting in December.

“We are using our KORUS foundation to discuss how we can tackle major issues and challenges that we’re facing today, such as supply chain resilience, worker rights and environmental protection,” Tai said in her opening remarks. KORUS refers to the bilateral free trade pact.

Source: IANS

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Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

The benchmark Indices Nifty started on the positive side after continuous sell off in last week and has managed to settle at 15842.30 with 60 point gain or 0.38 percent. However Nifty has failed to regain 16000 levels prior to LIC listing.

While Bank nifty has managed to settle at 33597.60 levels after gaining 1.44 percent. On the sectoral front, Nifty PSU Bank, Nifty Realty and Auto have contributed 2-3 percent gain on closing basis. On the flip side Nifty IT and FMCG ended with losses of 0.75 percent and 0.35 respectively. In Nifty, EICHERMOT, APOLLOHOSP and UPL were the top gainers while ULTRACEMCO, SHREECEM and ASIANPAINT were the prime laggards.

Technically, after forming the bearish candle on the weekly chart, the index has formed a Doji candlestick on the daily chart which shows indecisiveness among the trades. Moreover, the index has also faced a resistance from falling trend lines and showed profit booking from higher levels. However, Fibonacci retrenchment also has support around 15650 levels.

Traders may find buying opportunities for short term as if 15650 levels is protected. In the hourly chart, with support of the middle Bollinger band short term upside movement is expected. Stock specific action would drive the market in coming days too.

On the derivatives front, the highest call OI is at 16000 strike price followed by 16200 strike prices while on the put side, highest OI is at 15500 strike price. INDIA VIX closed at 24.53 with gain of 4.43 percent intraday indicating volatility is going to remain till weekly expiry . On the other hand, Bank nifty has support at 32600 levels while resistance is placed at 34500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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