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South Korea Bourse Set To Halt Losing Streak

(RTTNews) - The South Korea stock market has finished lower in back-to-back trading days, sinking almost 20 points or 1 percent along the way. The KOSPI now rests just above the 2,045-point plateau although it may stop the bleeding on Monday.

The global forecast for the Asian markets is upbeat on easing trade concerns and a rebound in crude oil prices. The European and U.S. markets were up on Friday and the Asian bourses re tipped to open in similar fashion.

The KOSPI finished modestly lower on Friday following mixed performances from the technology stocks and industrials, while the financials offered support.

For the day, the index dropped 14.28 points or 0.69 percent to finish at 2,045.31 after trading between 2,035.98 and 2,057.38. Volume was 471 million shares worth 4.45 trillion won. There were 579 decliners and 257 gainers.

Among the actives, KEPCO and Shinhan Financial both climbed 1.19 percent, while KB Financial collected 0.11 percent, Hana Financial soared 2.45 percent, Samsung Electronics tumbled 2.62 percent, LG Electronics advanced 1.33 percent, SK hynix shed 0.59 percent, Naver added 0.44 percent, POSCO dropped 0.87 percent, SK Telecom rose 0.80 percent, Hyundai Motor spiked 2.35 percent, Kia Motors added 0.74 percent, Hyundai Heavy shed 0.45 percent, Samsung Heavy fell 1.30 percent and LG Display was unchanged.

The lead from Wall Street is positive as stocks opened higher on Friday. They pulled back from session highs but remained in the green, cutting into recent losses.

The Dow added 95.22 points or 0.37 percent to finish at 25,585.69, while the NASDAQ rose 8.73 points or 0.11 percent to 7,637.01 and the S&P gained 3.82 points or 0.14 percent to 2,826.06. For the week, the Dow shed 0.7 percent, the NASDAQ lost 2.3 percent and the S&P fell 1.2 percent.

Bargain hunting contributed to the early strength on Wall Street as traders looked to pick up stocks at reduced levels following Thursday's steep losses.

The markets also benefited from easing trade concerns as President Donald Trump said he remains hopeful of a U.S.-China trade deal, noting he will meet with Chinese President Xi Jinping at the G20 summit next month.

The subsequent pullback by stocks was partly due to news that J.P. Morgan economists slashed their second quarter GDP growth forecast to 1 percent from 2.25 percent.

Crude oil futures moved higher Friday, rebounding from recent losses, after trade worries faded. West Texas Intermediate Crude oil futures for June ended up $0.72 or 1.2 percent at $58.63 a barrel.
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