Mild Downside Seen For South Korea Stock Market
(RTTNews) - The South Korea stock market has finished lower in two straight sessions, sliding nearly 30 points or 1.3 percent along the way. The KOSPI now rests just above the 2,330-point plateau and it's expected to tick lower again on Wednesday.
The global forecast is mostly negative on continued concerns about the resurgence of the coronavirus and the growing unlikelihood of any stimulus to counter it. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the former lead.
The KOSPI finished modestly lower on Tuesday as losses from the financial shares and technology stocks were mitigated by support from the automobile producers.
For the day, the index slipped 13.07 points or 0.56 percent to finish at 2,330.84 after trading between 2,321.23 and 2,349.33. Volume was 643.2 million shares worth 9.9 trillion won. There were 555 decliners and 278 gainers.
Among the actives, Shinhan Financial plunged 2.42 percent, while KB Financial skidded 1.53 percent, Hana Financial plummeted 4.75 percent, Samsung Electronics dropped 0.99 percent, SK Hynix sank 0.72 percent, LG Chem tanked 2.17 percent, Lotte Chemical surrendered 3.14 percent, S-Oil tumbled 1.89 percent, POSCO perked 0.92 percent, SK Telecom shed 0.64 percent, KEPCO retreated 1.20 percent, Hyundai Motor gained 0.58 percent, Kia Motors skyrocketed 10.32 percent and SK Innovation was unchanged.
The lead from Wall Street is inconclusive as stocks turned in a mixed performance on Tuesday and ended on opposite sides of the unchanged line.
The Dow dropped 222.19 points or 0.80 percent to finish at 27,463.19, while the NASDAQ gained 72.41 points or 0.64 percent to end at 11,431.35 and the S&P 500 sank 10.29 points or 0.20 percent to close at 3,390.68.
The ragged trade on Wall Street came on concerns about the recent spike in coronavirus cases as well as growing uncertainty about the prospects for a new stimulus bill.
Traders were also reacting to mixed economic data, with separate reports showing a jump in durable goods orders and an unexpected dip in consumer confidence.
Crude oil prices moved higher Tuesday, lifted by reports about evacuation of over 150 offshore facilities along the U.S. Gulf Coast due to Hurricane Zeta. West Texas Intermediate Crude oil futures for December ended higher by $1.01 or 2.6 percent at $39.57 a barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.