KOSPI May Give Up Support At 2,100 Points

Shutterstock photo

(RTTNews.com) - The South Korea stock market on Tuesday ended the two-day winning streak in which it had advanced more than a dozen points or 0.6 percent. The KOSPI now rests just above the 2,105-point plateau and it may extend its losses on Wednesday.

The global forecast for the Asian markets remains grim thanks to geopolitical concerns, economic outlook and plummeting crude oil prices. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

The KOSPI finished sharply lower on Tuesday following losses from the financials, industrials and technology stocks.

For the day, the index dropped 55.61 points or 2.57 percent to finish at 2,106.10 after trading between 2,094.69 and 2,148.80. Volume was 363 million shares worth 5.85 trillion won. There were 809 decliners and 67 gainers.

Among the actives, Shinhan Financial and KB Financial both retreated 2.67 percent, while Woori Bank dipped 2.42 percent, Hana Financial shed 2.72 percent, Samsung Electronics skidded 1.15 percent, SK hynix dropped 1.29 percent, LG Electronics tumbled 3.20 percent, POSCO contracted 2.06 percent, SK Telecom fell 1.05 percent, KEPCO plummeted 4.54 percent, Hyundai Motors shed 1.27 percent and Kia Motors plunged 3.74 percent.

The lead from Wall Street is negative as stocks opened sharply lower on Tuesday. They made back considerable ground in afternoon trade but still ended in the red.

The Dow shed 125.98 points or 0.50 percent to finish at 25,191.43, while the NASDAQ lost 31.09 points or 0.42 percent to 7,437.54 and the S&P 500 fell 15.19 points or 0.55 percent to 2,640.69.

The early sell-off reflected an extension of the significant weakness seen in overseas markets, which came amid worries about global economic growth and mounting geopolitical tensions.

A negative reaction to quarterly results from some big-name companies also contributed to sharp decline by stocks - including Caterpillar (CAT) and 3M Co. (MMM), although McDonald's (MCD) beat the street.

Crude oil prices plunged sharply on Tuesday amid speculation of a possible drop in demand due to uncertainty about the outlook for global economic growth. Crude oil futures for December delivery were down $2.93 or 4.2 percent at $66.43 a barrel, the lowest settlement since August 20.

Read the original article on RTTNews (http://www.rttnews.com/2946491/kospi-may-give-up-support-at-2100-points.aspx)

For comments and feedback: contact editorial@rttnews.com

This article appears in: Stocks , World Markets , Banking and Loans

More from RTT News


See All RTT news

Research Brokers before you trade

Want to trade FX?