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Losing Streak May Continue For South Korea Shares

(RTTNews) - The South Korea stock market has moved lower in four consecutive trading days, tumbling more than 80 points or 3.5 percent along the way. The KOSPI now rests just beneath the 2,275-point plateau and it's expected to open under pressure again on Friday.

The global forecast for the Asian markets is negative thanks to interest rate concerns and a tumble in crude oil prices. The European and U.S. markets were firmly lower and the Asian bourses are tipped to open in similar fashion.

The KOSPI finished sharply lower on Thursday following losses from the financial shares, technology stocks and industrial issues.

For the day, the index skidded 35.08 points or 1.52 percent to finish at 2,274.49 after trading between 2,270.22 and 2,311.06. Volume was 304 million shares worth 7.4 trillion won. There were 587 decliners and 257 gainers.

Among the actives, Woori Bank advanced 1.80 percent, while Hana Financial collected 1.21 percent, Shinhan Financial climbed 1.21 percent, KB Financial spiked 2.94 percent, SK Telecom jumped 2.76 percent, POSCO plummeted 6.63 percent, KEPCO tumbled 3.85 percent, Hyundai Motor skidded 3.11 percent, Kia Motors declined 3.02 percent, SK Hynix plunged 2.37 percent, Samsung Electronics fell 2.19 percent and LG Electronics lost 1.29 percent.

The lead from Wall Street is soft as stocks opened under pressure on Thursday and remained in the red throughout the session.

The Dow shed 200.91 points or 0.75 percent to 26,627.48, while the NASDAQ lost 145.57 points or 1.81 percent to 7,879.51 and the S&P 500 fell 23.90 points or 0.82 percent to 2,901.61.

The weakness on Wall Street followed a recent jump by U.S. treasury yields that raised concerns about the outlook for interest rates. With the ten-year yield reaching its highest levels in over seven years, traders seem worried the Federal Reserve may raise rates more aggressively than expected.

In economic news, the Labor Department reported a bigger than expected drop in initial jobless claims in the week ended September 29. Also, the Commerce Department noted a bigger than expected rebound in factory orders in August.

Crude oil prices came off four-year highs on Thursday, dragged down by reports suggesting Russia and Saudi Arabia will raise crude output. Crude oil futures for November delivery ended down $2.08 or 2.7 percent at $74.33 a barrel.

Closer to home, South Korea will see September figures for consumer prices later this morning. In August, overall inflation was up 0.5 percent on month and 1.4 percent on year, while core CPI added 0.2 percent on month and 1.0 percent on year.
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