Tech Shares May Weigh On South Korea Stock Market

(RTTNews) - The South Korea stock market has moved lower in two of three trading days since the end of the two-day winning streak in which it had collected almost 10 points or 0.5 percent. The KOSPI now rests just above the 2,145-point plateau and the losses may accelerate on Thursday.

The global forecast for the Asian markets is negative on recession concerns and sliding crude oil prices. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.

The KOSPI finished slightly lower on Wednesday as losses from the industrials were offset by support from the financials and a mixed performance from the technology stocks.

For the day, the index dipped 3.18 points or 0.15 percent to finish at 2,145.62 after trading between 2,132.42 and 2,152.91. Volume was 358.6 million shares worth 4.43 trillion won. There were 458 decliners and 359 gainers.

Among the actives, KB Financial collected 0.12 percent, while Hana Financial rose 0.28 percent, Hyundai Heavy Industries retreated 1.27 percent, Samsung Heavy Industries declined 1.41 percent, Naver tumbled 2.77 percent, Samsung Electronics added 0.22 percent, LG Electronics was up 0.82 percent, LG Display tumbled 1.23 percent, SK hynix climbed 0.96 percent, POSCO perked 0.20 percent, KEPCO shed 0.63 percent, Korean Air Lines soared 2.47 percent, SK Telecom advanced 1.00 percent, Kia Motors jumped 1.47 percent and Shinhan Financial and Hyundai Motor were unchanged.

The lead from Wall Street is soft as stocks fluctuated on Wednesday, reflecting recent volatility before ending in the red.

The Dow shed 32.14 points or 0.13 percent to 25,625.59, while the NASDAQ lost 48.15 points or 0.63 percent to 7,643.38 and the S&P 500 fell 13.09 points or 0.46 percent to 2,805.37.

The lower close on Wall Street came amid a notable drop by bond yields, which extended the downward trend seen in the past few sessions. The yield on the benchmark ten-year note ended the day at its lowest closing level since December 2017.

Bond yields have moved to the downside amid concerns about the economic outlook, with an inversion of the yield curve leading to worries about a potential recession.

Traders also reacted to a report from the Commerce Department showing the U.S. trade deficit narrowed more than expected in January due to a steep drop in the value of imports.

Crude oil futures ended lower Wednesday after the Energy Information Administration noted an unexpected increase in crude inventories last week. West Texas Intermediate Crude oil futures for May ended down $0.53 or 0.9 percent at $59.41 a barrel.
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