Losses May Accelerate For South Korea Stock Market

(RTTNews) - The South Korea stock market on Monday snapped the three-day winning streak in which it had advanced almost 60 points or 2.7 percent. The KOSPI remains just above the 2,175-point plateau and it may take further damage on Tuesday.

The global forecast for the Asian markets is negative thanks to poor earnings news and a drop in crude oil prices. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The KOSPI finished barely lower on Monday following losses from the technology stocks and automobile producers, while the industrials were firm and the financials were mixed.

For the day, the index eased 0.43 points or 0.02 percent to finish at 2,177.30 after trading between 2,169.17 and 2,188.15. Volume was 366 million shares worth 5.99 trillion won. There were 457 decliners and 359 gainers.

Among the actives, Shinhan Financial collected 0.36 percent, while KB Financial dropped 1.08 percent, Hana Financial shed 0.65 percent, Samsung Electronics rose 0.67 percent, LG Electronics retreated 2.59 percent, LG Display fell 0.74 percent, SK hynix plunged 3.75 percent, POSCO perked 0.37 percent, SK Telecom climbed 1.30 percent, KEPCO lost 0.76 percent, Hyundai Motor skidded 1.56 percent, Kia Motors tumbled 2.52 percent, Hyundai Heavy Industries jumped 2.52 percent and Samsung Heavy Industries surged 5.01 percent.

The lead from Wall Street is soft as stocks opened lower on Monday and stayed that way throughout the session, cutting into recent gains.

The Dow shed 208.98 points or 0.84 percent to 24,528.98, while the NASDAQ lost 79.18 points or 1.11 percent to 7,085.68 and the S&P 500 fell 20.91 points or 0.78 percent to 2,643.85.

The lower open followed weak earnings news from big-name companies such as Caterpillar (CAT) and chip maker Nvidia (NVDA).

Traders may also be reluctant to make big moves ahead of Wednesday's monetary policy decision from the Federal Reserve, although the central bank is widely expected to leave interest rates unchanged after last month's rate hike.

Crude oil prices fell to a two-week low on Monday as global growth worries and recent data showing a jump in U.S. oil rigs count raised concerns about energy demand. Crude oil futures for March ended down $1.70 or 3.2 percent at $51.99 a barrel.
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