Rebound Expected For South Korea Stock Market

(RTTNews) - The South Korea stock market on Friday snapped the four-day winning streak in which it had climbed almost 55 points or 2.7. The KOSPI now rests just beneath the 2,100-point plateau although it's predicted to bounce higher again on Monday.

The global forecast for the Asian markets is broadly positive after the United States and China agreed to a truce in their trade war. The European markets were down and the U.S. bourses were up and the Asian markets are tipped for follow the latter lead.

The KOSPI finished modestly lower on Friday following losses from the financial shares and the technology stocks.

For the day, the index sank 17.24 points or 0.82 percent to finish at 2,096.86 after trading between 2,093.83 and 2,122.33. Volume was 413.39 million shares worth 6.92 trillion won. There were 447 decliners and 365 gainers.

Among the actives, Shinhan Financial skidded 2.25 percent, while KB Financial retreated 2.68 percent, Hana Financial plummeted 2.84 percent, Samsung Electronics plunged 3.01 percent, SK hynix tumbled 2.65 percent, KEPCO declined 2.30 percent, SK Telecom spiked 1.94 percent, Hyundai Motor surged 7 percent and POSCO jumped 1.43 percent.

The lead from Wall Street is upbeat as stocks shrugged off an early move to the downside on Friday, rebounding to finish in the green.

The Dow added 199.62 points or 0.79 percent to 25,538.46, the NASDAQ gained 57.45 points or 0.79 percent to 7,330.54 and the S&P was up 22.41 points or 0.82 percent to 2,760.17. For the week, the NASDAQ surged 5.6 percent, the Dow spiked 5.1 percent and the S&P added 4.8 percent.

The strength on Wall Street reflected optimism ahead of the highly anticipated meeting between President Donald Trump and Chinese President Xi Jinping at the G20 summit in Argentina. At the meeting, the leaders agreed to suspend the escalating trade dispute between the world's two largest economies.

In economic news, MNI Indicators reported a substantial acceleration in the pace of growth in Chicago-area business activity in November.

Crude oil prices slipped on Friday as demand growth worries resurfaced after China reported its weakest factory growth in more than two years. Crude oil futures for January settled at $50.93 a barrel, down $0.52 or 1 percent.

Closer to home, South Korea will provide November figures for inflation later this morning; in October, overall inflation was down 0.1 percent on month and up 2.0 percent on year, while core CPI added 0.1 percent on month and 0.9 percent on year.
See also:
Leave a comment
  • Latest
  • Read
  • Commented
Calendar Content
«    Май 2020    »