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No Relief Yet For South Korea Stock Market

(RTTNews) - The South Korea stock market has finished lower in four consecutive trading days, sliding almost 60 points or 2.7 percent along the way. The KOSPI now rests just above the 2,175-point plateau and it's tipped to open in the red again on Thursday.

The global forecast for the Asian markets is soft on geopolitical concerns regarding North Korea and disappointing economic data. The European and U.S. markets were down and the Asian markets are expected to open in similar fashion.

The KOSPI finished slightly lower on Wednesday following mixed performances from the financial shares, technology stocks and industrials.

For the day, the index sank shed 3.63 points or 0.17 percent to finish at 2,175.60 after trading between 2,168.46 and 2,179.01. Volume was 320.1 million shares worth 4.69 trillion won. There were 464 decliners and 366 gainers.

Among the actives, Shinhan Financial lost 0.35 percent, while Hana Financial climbed 1.05 percent, KB Financial fell 0.35 percent, Samsung Electronics shed 0.56 percent, LG Electronics surged 4.35 percent, SK hynix tumbled 2.30 percent, POSCO dipped 0.20 percent, KEPCO skidded 1.12 percent, SK Telecom dropped 1.15 percent, Hyundai Motor spiked 2.47 percent and Kia Motors retreated 1.00 percent.

The lead from Wall Street is negative as stocks moved mostly lower on Wednesday, extending losses from the previous session.

The Dow shed 133.17 points or 0.33 percent to 25,673.46, while the NASDAQ lost 70.44 points or 0.93 percent to 7,505.92 and the S&P 500 fell 18.20 points or 0.65 percent to 2,771.45.

Geopolitical concerns weighed on Wall Street after new satellite images of activity at a North Korean long-range rocket site suggests Pyongyang may be rapidly rebuilding the test facility that it pledged to dismantle.

Traders also reacted negatively to a report from payroll processor ADP showing U.S. private sector job growth slowed in February after an upwardly revised spike in January. Also, the Commerce Department reported that the U.S. trade deficit widened more than expected.

Crude oil futures settled lower Wednesday after the U.S. Energy Information Administration noted a larger than expected increase in crude inventories last week. West Texas Intermediate Crude oil futures for April ended down $0.34 or 0.6 percent at $56.22 a barrel.
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