(RTTNews.com) - The South Korea stock market has finished lower in eight straight sessions, plummeting more than 225 points or 10 percent to an 18-month closing low. The KOSPI now rests just beneath the 2,130-point plateau and it's tipped to open in the red again on Friday.
The global forecast for the Asian markets continues to be weak, thanks to concerns over global growth and interest rates - while tumbling crude oil prices add to the soft sentiment. The European and U.S. markets were firmly lower and the Asian bourses are expected to follow suit.
The KOSPI finished sharply lower on Thursday following heavy damage among the financials, technology stocks and industrials.
For the day, the index sank 98.94 points or 4.44 percent to finish at the daily low of 2,129.67 after peaking at 2,186.69. Volume was 404.3 million shares worth 8.2 trillion won. There were 865 decliners and 23 gainers.
Among the actives, Samsung Electronics tumbled 4.86 percent, while LG Electronics declined 4.45 percent, SK hynix shed 1.85 percent, LG Display skidded 3.07 percent, KB Financial skidded 4.69 percent, Woori Bank retreated 4.72 percent, Shinhan Financial dropped 4.88 percent, Hana Financial plummeted 5.78 percent, SK Telecom lost 5.26 percent, POSCO plunged 5.51 percent, Hyundai Motor fell 3.33 percent and Kia Motors dipped 2.22 percent.
The lead from Wall Street is negative as stocks opened lower on Thursday and showed wild swings before finishing firmly in the red.
The Dow shed 545.77 points or 2.13 percent to finish at 25,052.97, while the NASDAQ lost 92.99 points or 1.25 percent to 7,329.06 and the S&P fell 57.31 points or 2.06 percent to 2,728.37.
The lower close on Wall Street came even though strength in the bond market led to a significant drop by treasury yields. Even with the decrease in yields, traders remained concerned about the outlook for the interest rates as well as the escalating trade war between the U.S. and China.
Treasuries benefited from the release of a report from the Labor Department showing consumer prices rose by less than expected in September. Also, the Labor Department noted a modest increase in first-time claims for U.S. jobless benefits in the week ended October 6.
Crude oil prices tumbled on Thursday after data showed U.S. crude stockpiles to have risen for a third straight week. Crude oil futures for November delivery ended down $2.20 or 3 percent at $70.97 a barrel.
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