Rally May Stall For South Korea Stock Market

(RTTNews) - The South Korea stock market has finished higher in back-to-back trading days, gathering almost 10 points or 0.5 percent along the way. The KOSPI now rests just beneath the 2,065-point plateau although it may run out of steam on Thursday.

The global forecast for the Asian markets is soft on global trade concerns and tumbling crude oil prices. The European markets were mixed and flat and the U.S. bourses were down and the Asian markets figure to split the difference.

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

For the day, the index picked up 3.61 points or 0.18 percent to finish at 2,064.86 after trading between 2,048.01 and 2,070.80. Volume was 500 million shares worth 4.52 trillion won.

Among the actives, Shinhan Financial advanced 0.99 percent, while KB Financial shed 0.43 percent, Hana Financial sank 0.94 percent, Samsung Electronics added 0.81 percent, LG Electronics rose 0.27 percent, Samsung SDI jumped 1.43 percent, SK hynix tumbled 1.99 percent, Naver skidded 1.31 percent, KEPCO added 0.20 percent, SK Telecom retreated 1.94 percent, Kia Motors fell 0.36 percent and LG Display, Hyundai Motor and POSCO were unchanged.

The lead from Wall Street is negative as stocks gave ground on Wednesday, although the selling pressure was subdued and the downside limited.

The Dow shed 100.72 points or 0.39 percent to end at 25,776.61, while the NASDAQ fell 34.88 points or 0.45 percent to 7,750.84 and the S&P 500 sank 8.09 points or 0.28 percent to 2,856.27.

The weakness on Wall Street came as traders continued to worry the trade dispute between the U.S. and China is escalating into a full-fledged trade war. A report from the South China Morning Post said China is re-examining the entire bilateral economic relationship between the two countries.

Stocks remained mostly lower following the release of the minutes of the latest Federal Reserve meeting, which suggested the central bank is in no rush to alter the path of interest rates.

Crude oil prices plunged sharply Wednesday after data from the Energy Information Administration showed a sharp jump in U.S. crude stockpiles last week. West Texas Intermediate Crude oil futures for June suffered their biggest single session fall in three weeks, settling with a loss of $1.71 or 2.7 percent at $61.42 a barrel.
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