Tech Shares May Weigh On South Korea Shares


Shutterstock photo

(RTTNews.com) - The South Korea stock market has moved higher in four straight sessions, although it has picked up just a dozen points or 0.6 percent in that span. The KOSPI now rests just beneath the 1,985-point plateau, although the market may run out of steam on Thursday.

The global forecast for the Asian markets is upbeat following news of OPEC's agreement to cut oil production. The European markets were up and the U.S. bourses were mixed - and the Asian markets figure to split the difference.

The KOSPI finished slightly higher on Wednesday as gains from the financial shares was capped by weakness from the technology sector and cosmetics companies.

Among the actives, Samsung Electronics surged 4.11 percent, while LG Electronics shed 0.99 percent, Naver lost 0.37 percent, SK Innovation skidded 2.56 percent, Hyundai Motor fell 1.12 percent, Kia Motor gained 0.67 percent, POSCO retreated 0.99 percent, S-Oil dropped 1.87 percent, Shinhan Financial collected 0.92 percent, AmorePacific plunged 3.95 percent and LG Household tumbled 3.08 percent.

The lead from Wall Street is ambiguous as stocks saw volatility on Wednesday amid a substantial increase by the price of crude oil

The Dow added 1.98 points 0.1 percent to 19,123.58, while the S&P 500 fell 5.85 points or 0.3 percent at 2,198.81 and the NASDAQ skidded 56.24 points or 1.1 percent to 5,323.68.

Crude oil for January delivery spiked $4.21 to $49.44 a barrel after plummeting $1.85 to $45.23 a barrel in the previous session. The increase came as OPEC ministers agreed to reduce production by about 1.2 million barrels to 32.5 million barrels a day.

In economic news, payroll processor ADP noted stronger than expected private sector job growth in November. Also, the Commerce Department said that personal income rose by more than expected in October.

The National Association of Realtors also reported a slight uptick in pending home sales in October, and the Federal Reserve's Beige Book said the economy continued to expand across most regions.

Closer to home, South Korea will see October current account information later this morning, as well as November inflation data.

The current account surplus in September was 8.26 billion. Overall inflation in October was up 0.1 percent on month and 1.3 percent on year, while core CPI was flat on month and up 1.8 percent on year.

For comments and feedback: contact editorial@rttnews.com

http://www.rttnews.com




This article appears in: News Headlines


More from RTT News

Subscribe






See headlines for 000270

Follow on: