S.Korea’s domestic demand to improve with eased quarantine measures

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Seoul, Nov 12 | South Korea’s domestic demand is expected to improve with eased quarantine measures against Covid-19, a government report said on Friday.

The Ministry of Economy and Finance said in its monthly economic report called Green Book that the South Korean economy recently saw a continued recovery in export and employment, reports Xinhua news agency.

It noted that there is a possibility for domestic demand to gradually improve thanks to the eased anti-virus measures.

The government launched the “living with Covid-19” guideline earlier this month as the full vaccination rate topped 70 per cent of the country’s total population.

Under the new guideline, no restriction is levied on the business hour of multiuse facilities, such as restaurants and cafes, except for nightlife entertainment facilities including nightclubs.

The maximum number of private gatherings rose to 10 people in the Seoul metropolitan area and 12 people in the non-metropolitan regions.

The Ministry noted that despite the continued recovery of the global economy, worry lingered about inflation driven by a higher commodity price, saying that uncertainty remained over the global supply disruption and the tightened monetary policy in major economies.

Consumer price rose 3.2 per cent in October from a year earlier, topping the central bank’s mid-term inflation target of 2 per cent for the seventh consecutive month.

The number of jobs grew 652,000 in October from a year ago, while the unemployment rate declined 0.9 percentage points to 2.8 per cent last month.

Plastic card spending in the domestic market gained 13.4 per cent in October from a year earlier, keeping an upward trend for nine straight months.

Revenue among department stores and online retailers soared 15.1 per cent and 24.5 per cent respectively last month, and revenue among discount outlets added 2.9 per cent in October after sliding 9.5 per cent in September.

Source: IANS

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Share Market Closing Bell: Nifty ends above 15,500, Sensex gains 443 pts

Share Market Closing Bell: Nifty ends above 15,500, Sensex gains 443 pts

On a weekly expiry day, Nifty opened on positive note and have a dip to make an intraday low at 15367.50 level but showed bounce back moment as managed to close at 15556.65 level with a gain of 143 points. Bank Nifty closed the session at 33135 level with a gain of 289.70 points. 45 Out of Nifty 50 ended in green which suggest broad based buying.

All the sectoral indices managed to close in green expect Energy while Nifty Auto was top gainer. Among Nifty Stock, MARUTI, EICHERMOT, HEROMOTOCO & M&M were the top gainers, While RELIANCE, COALINDIA, POWERGRID & GRASIM were the prima laggards. India VIX closed at 20.88 level with a loss of 1.97%. On Technical Front, The Nifty has formed bullish candle but faced resistance at 21 Four-Hourly Moving Average i.e., 15647 which suggest crossing above the same can show more upside rally.

Nifty has been trading in range of 15200-15700 level while breaching either side can suggest further direction of breakouts. Nifty has given above 50-Hourly Moving Averages which indicate it can show upside moment in the counter. On the Nifty OI Data, On the call side ,the highest OI witnessed at 16000 level while on the put side was at 15500 Niftg level followed by 15300 levels. The momentum indicators Stochastic is trading with a positive crossover on a daily chart which suggest northward journey in the Nifty.

The Nifty may find support around 15200 levels while on the upside 15700 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 32300 levels while resistance at 33800 levels.

Overall, Sector specific momentum has been observed, crossing above 15700 Nifty can show more upside rally.

Market entering into buy on dips pattern.

Palak Kothari
Senior Technical Analyst
Choice Broking

Source: Choice India

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The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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