KOSPI May See Renewed Selling Pressure
(RTTNews) - The South Korea stock market on Friday halted the seven-day losing streak in which it had plummeted more than 510 points or 29 percent to an 11-year closing low. The KOSPI now rests just above the 1,565-point plateau although it's tipped to open in the red again on Monday.
The global forecast for the Asian markets suggests continued consolidation as the coronavirus continues to hammer away at world economies. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The KOSPI finished sharply higher on Friday with bargain hunting in every sector - particularly among the financials, technology stocks and industrials.
For the day, the index jumped 108.51 points or 7.44 percent to finish at 1,566.15 after trading between 1,466.48 and 1,566.82. Volume was 807 million shares worth 10.4 trillion won. There were 824 gainers and 68 decliners.
Among the actives, Shinhan Financial collected 7.80 percent, while KB Financial advanced 18.43 percent, Hana Financial increased 11.32 percent, Samsung Electronics jumped 5.70 percent, LG Electronics was up 2.22 percent, Samsung SDI skyrocketed 18.31 percent, SK Hynix spiked 8.91 percent, POSCO perked 3.58 percent, SK Telecom rose 1.16 percent, KEPCO climbed 6.46 percent, Hyundai Motors accelerated 7.89 percent, Kia Motors gathered 7.10 percent, Korean Air soared 12.13 percent and Asiana Airlines surged 20.48 percent.
The lead from Wall Street is negative as stocks shook off a higher open on Friday and sank into the red as the day progressed, offsetting gains from the previous session.
The Dow shed 913.21 points or 4.55 percent to finish at 19,173.98, while the NASDAQ sank 271.06 points or 3.79 percent to 6,879.52 and the S&P 500 lost 104.47 points or 4.34 percent to end at 2,304.92.
The early strength on Wall Street came on optimism that the relief and support packages announced by global central banks and several governments will help limit the impact of the virus outbreak.
But stocks turned lower in afternoon trade as the virus numbers and economic backlash continued to be worrisome.
Crude oil prices tanked on Friday despite several countries and central banks announcing relief packages to help limit the economic impact of the coronavirus pandemic. West Texas Intermediate Crude oil futures for April ended down $2.69 or 11 percent at $22.53 a barrel on expiration day.
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