No Help Yet For South Korea Stock Market
(RTTNews) - The South Korea stock market gave up less than a point on Monday, but that was enough to extend its losing streak to three sessions - sliding almost 40 points or 1.9 percent in that span. The KOSPI remains just above the 2,055-point plateau and it's predicted to open under pressure again on Tuesday.
The global forecast for the Asian markets remains negative - especially for technology companies - as global trade concerns continue to dominate. The European and U.S. markets were down and the Asian bourses figure to follow that lead.
The KOSPI finished barely lower on Monday as losses from the technology stocks were offset by gains from the financial shares and automobile producers.
For the day, the index eased 0.09 points to finish at 2,055.71 after trading between 2,051.69 and 2,077.10. Volume was 622 million shares worth 4.6 trillion won. There were 621 decliners and 240 gainers.
Among the actives, Shinhan Financial advanced 1.00 percent, while KB Financial accelerated 1.42 percent, Hana Financial collected 0.55 percent, Samsung Electronics jumped 1.94 percent, LG Electronics shed 0.56 percent, LG Display plunged 2.62 percent, Samsung SDI plummeted 3.26 percent, SK hynix dropped 0.98 percent, Naver tumbled 2.07 percent, KEPCO slid 0.20 percent, SK Telecom gained 1.17 percent, POSCO perked 0.21 percent, Hyundai Motor spiked 2.79 percent and Kia Motors climbed 1.55 percent.
The lead from Wall Street is soft as stocks fluctuated on Monday but maintained a negative bias throughout the session.
The Dow shed 84.10 points or 0.33 percent to finish at 25,679.90, while the NASDAQ lost 113.91 points or 1.46 percent to 7,702.38 and the S&P 500 fell 19.30 points or 0.67 percent to 2,840.23.
Tech stocks led Wall Street lower amid ongoing concerns about the escalating U.S.-China trade dispute after Google suspended some of its business with Chinese tech giant Huawei, complying with an order by President Donald Trump to block the sale of U.S. technology to Huawei.
That added to trade concerns sparked by reports that the scheduling of the next round of U.S.-China trade talks is in flux because it is unclear what the two sides would discuss.
Crude oil prices edged higher on Monday on prospects of a likely fall in supply amid an escalation in tensions in the Middle East. West Texas Intermediate Crude oil futures for June ended up $0.34 or 0.54 percent at $63.10 a barrel.