Seoul stocks slump for 2nd day on US inflation concerns

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Seoul, Feb 23 | South Korean stocks slumped on Tuesday for a second day amid lingering inflation concerns, with major tech and bio stocks coming under heavy selling pressure. The Korean won fell against the US dollar.

After veering in and out negative terrain, the benchmark Korea Composite Stock Price Index (KOSPI) fell 9.66 points, or 0.31 per cent, to close at 3,070.09 points.

Trading volume was moderate at about 2.2 billion shares worth some 17.3 trillion won (US $15.6 billion), with losers outnumbering gainers 563 to 300.

Foreigners sold a net 374 billion won, while retail investors purchased a net 79 billion won. Institutions bought a net 300 billion won.

The local stock market remained in a tight range on strong foreign sell-offs, as expectations of a fast economic rebound raised inflation concerns in global markets, pushing up commodities and US Treasury yields.
Overnight, the Nasdaq dipped 2.46 per cent as tech stocks, sensitive to high inflation, retreated.

“The market is anticipating some positive guidance from (US Federal Reserve Chairman Jerome) Powell,” Shinhan Investment analyst Choi Yoo-joon said. “If Powell comments on the recent bond yields hike, it could calm the markets in the short run,” he said.

The US Federal Reserve is to hold its monetary policy meeting on Tuesday and Wednesday (US time).

In Seoul, top cap Samsung Electronics retreated 0.24 per cent to 82,000 won, while No. 2 chipmaker SK hynix gained 1.47 per cent to 138,500 won.

Top automaker Hyundai Motor moved up 1.24 per cent to 244,500 won, with giant internet portal operator Naver climbing 1.03 per cent to 390,500 won. Leading chemical firm LG Chem shed 3.38 per cent to 885,000 won.

Pharmaceutical giant Samsung Biologics dropped 2.56 per cent to 760,000 won, and Celltrion dipped 4.36 per cent to 296,000 won.

The local currency closed at 1,110.6 won against the US dollar, down 0.2 won from the previous session’s close.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year Treasurys remained unchanged at 1.02 per cent, and the return on the benchmark five-year government bond fell 0.3 basis point to 1.39 per cent.

Source: IANS

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Global Strategist and Philanthropist Drummi Bhatt returns to her homeland to bring about a vernacular infotainment content revolution

Global Strategist and Philanthropist Drummi Bhatt returns to her homeland to bring about a vernacular infotainment content revolution

Drummi Bhatt has successfully donned many hats including that of a global strategy professional, mentor, and investor to early-stage startups encouraging women entrepreneurship, and a philanthropist.

Drummi currently leads Market Intelligence and Strategy team at Mitsubishi Power, USA building corporate-level strategies for global markets. Drummi is also the founder of KarmaKonnect, a Woman and Rural Empowerment Non-Profit Organisation which works for projects in remote rural, tribal, and conflict areas.

Her philanthropy work has taken her to various corners of India, including, far end corners of Leh, Ladakh, Telangana, and remote areas of Chambal. During these visits, she got mesmerized by culturally rich, vernacular, and diverse, the true “Bharat”.

During her interaction across the country, she got enchanted by the whirlwind of talent residing across Bharat, which is not restricted to a language, city, or just tier-1 cities but is found in abundance all across tier-2, tier-3 cities, and rural-tribal clusters.

With OTT platforms ruling the world in 2020, Drummi decided to bring her strategic insights and data analytics strength to this field by joining hands with seasoned entrepreneurs, Rahul Narvekar and Narendra Firodia, to launch its kind, vernacular OTT platform, Letsflix.

In 2019, Drummi, Rahul, and Narendra have successfully launched India’s first vernacular infotainment app, LetsUp, which now caters to 1.5 million users and in 7 vernacular languages, a feat achieved by none. The trio has now been passionately working towards creating and delivering vernacular content for every viewer in India with Letsflix.

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