South Korea Shares Predicted To Open Under Pressure

(RTTNews) - The South Korea stock market has ended lower in five straight sessions, tumbling almost 90 points or 3.8 percent along the way. The KOSPI now rests just beneath the 2,270-point plateau and it ,ay extend its losses on Monday.

The global forecast for the Asian markets is negative on growing concerns about the outlook for interest rates. The European and U.S. markets were firmly lower and the already oversold Asian bourses are tipped to at least open in the red.

The KOSPI finished modestly lower on Friday following mixed performances from the financials, industrials and technology stocks.

For the day, the index dipped 6.97 points or 0.31 percent to finish at 2,267.52 after trading between 2,250.99 and 2,278.12. Volume was 276 million shares worth 6.1 trillion won. There were 564 decliners and 271 gainers.

Among the actives, Shinhan Financial eased 0.11 percent, while KB Financial collected 0.18 percent, Woori Bank dropped 1.18 percent, Hana Financial and SK Telecom both gained 0.54 percent, Kia Motor jumped 1.48 percent, LG Electronics soared 2.17 percent, SK hynix added 0.43 percent, LG Display tumbled 1.84 percent, POSCO perked 1.64 percent, KEPCO skidded 1.09 percent and Samsung Electronics and Hyundai Motors were unchanged

The lead from Wall Street is soft as stocks opened sharply lower on Friday and remained in the red throughout the session, extending recent losses.

The Dow slid 180.43 points or 0.68 percent to 26,447.05, the NASDAQ tumbled 91.06 points or 1.16 percent to 7,788.45 and the S&P fell 16.04 points or 0.55 percent to 2,885.57. For the week, the eased 0.1 percent, the S&P lost 1 percent and the NASDAQ plunged 3.2 percent.

The weakness on Wall Street came as treasury yields extended a recent upward move following the release of the monthly jobs report, adding to concerns about the outlook for interest rates.

While the Labor Department report showed weaker than expected job growth in September, the jump in employment in August was upwardly revised and the unemployment rate fell to 3.7 percent for its lowest level since 1969.

Also, the Commerce Department showed the U.S. trade deficit widened in August, reflecting an increase in imports and a decrease in exports.

Crude oil prices retreated after edging higher early on in the session on Friday, as traders weighed the decision of Russia and Saudi Arabia to increase output. Crude oil futures for November ended at $74.34 a barrel, gaining a penny.
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