Rally Expected To Stall For South Korea Shares

(RTTNews) - The South Korea stock market has climbed higher in eight straight sessions, advancing almost 85 points or 4 percent along the way. The KOSPI now rests just beneath the 2,215-point plateau and it's overdue for consolidation on Wednesday.

The global forecast for the Asian markets is negative on trade issues, concerns over quarterly results 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 higher on Tuesday as gains from the technology and chemical companies were offset by weakness from the financials, industrials and oil companies.

For the day, the index gained 2.96 points or 0.13 percent to finish at 2,213.56 after trading between 2,203.54 and 2,221.62. Volume was 409.58 million shares worth 4.78 trillion won. There were 430 decliners and 362 gainers.

Among the actives, Shinhan Financial fell 0.22 percent, while KB Financial sank 0.44 percent, Hana Financial dropped 0.88 percent, POSCO surrendered 1.27 percent, KEPCO tumbled 2.21 percent, SK Telecom shed 0.61 percent, LG Electronics jumped 1.57 percent, LG Display surged 4.82 percent, Samsung SDI added 0.69 percent, SK hynix eased 0.13 percent, Korean Air skidded 1.38 percent, LG Chem rose 0.91 percent, S-Oil plunged 1.99 percent and SK Innovation and Samsung Electronics were unchanged.

The lead from Wall Street is soft as stocks opened lower on Tuesday, pared their losses as the day progressed but still finished firmly in the red.

The Dow shed 190.44 points or 0.72 percent to finish at 26,150.58, while the NASDAQ lost 44.61 points or 0.56 percent to 7,909.28 and the S&P 500 fell 17.57 points or 0.61 percent to 2,878.20.

The weakness on Wall Street came as traders went to safe havens ahead of earnings season. Financial giants JPMorgan Chase (JPM) and Wells Fargo (WFC) are due to report quarterly results on Friday, shedding light on a difficult quarter.

Concerns about the global economic outlook also weighed on markets after President Donald Trump threatened to impose tariffs on European goods in response to European Union subsidies to Airbus.

The trade dispute between Trump and the EU comes amid lingering uncertainty about the U.S. and China reaching a final trade agreement.

Crude oil futures pared early gains and ended lower on Tuesday on Russia's comments that it is likely to increase crude production. West Texas Intermediate Crude oil futures for May ended down $0.42 at $63.98 a barrel.
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