Mild Rebound Tipped For South Korea Stock Market

(RTTNews) - Ahead of Friday's holiday for Independence Movement Day, the South Korea stock market had moved lower in two of three trading days since the end of the two-day winning streak in which it had gathered almost four points or 0.2 percent. The KOSPI now rests just above the 2,195-point plateau although it may tick higher again on Monday.

The global forecast for the Asian markets is upbeat on optimism over global trade. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KOSPI finished sharply lower on Thursday with damage across the board - particularly the technology and industrial stocks.

For the day, the index plunged 39.35 points or 1.76 percent to finish at the daily low of 2,195.44 after peaking at 2,233.93. Volume was 489 million shares worth 8 trillion won. There were 748 decliners and 115 gainers.

Among the actives, Shinhan Financial advanced 0.92 percent, while KB Financial dipped 0.67 percent, Hana Financial collected 0.91 percent, SK Telecom dropped 0.95 percent, KEPCO eased 0.29 percent, Samsung Electronics shed 3.53 percent, LG Electronics skidded 2.35 percent, SK hynix plunged 5.02 percent, Hyundai Motor lost 1.94 percent, Kia Motors gave away 1.08 percent, POSCO fell 1.13 percent and Hyundai Steel retreated 2.25 percent.

The lead from Wall Street is positive as stocks moved higher in early trade Friday and remained modestly in the green throughout the session.

The Dow added 110.32 points or 0.43 percent to 26,026.32, the NASDAQ gained 62.82 points or 0.83 percent to 7,595.35 and the S&P 500 rose 19.20 points or 0.69 percent to 2,803.69. For the week, the Dow fell 0.1 percent, the NASDAQ perked 0.9 percent and the S&P was up 0.4 percent.

Optimism about U.S.-China trade talks contributed to the strength on Wall Street on reported progress in the trade negotiations.

In economic news, the Institute for Supply Management said growth in the U.S. manufacturing sector slowed than expected in February. Also, the Commerce Department said personal income edged lower in January after jumping more than expected in December.

Crude oil prices moved sharply lower on Friday as worries about demand growth resurfaced following the soft economic data in the U.S. West Texas Intermediate Crude oil futures for April ended down $1.42 or 2.5 percent at $55.80 a barrel.
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