Renewed Selling Pressure Expected For South Korea Shares
(RTTNews) - The South Korea stock market on Monday snapped the two-day slide in which it had stumbled almost 40 points or 1.9 percent. The KOSPI now rests just above the 2,090-point plateau although it's likely to head south again on Tuesday.
The global forecast for the Asian markets is negative as soft data stoked fears for the health of the world economy. The European and U.S. markets were down and the Asian bourses are predicted to open in similar fashion.
The KOSPI finished slightly higher on Monday following mixed performances from the financial shares, technology stocks and industrial issues.
For the day, the index added 3.96 points or 0.19 percent to finish at 2,091.92 after trading between 2,088.92 and 2,103.87. Volume was 369.62 million shares worth 3.96 trillion won. There were 448 decliners and 364 gainers.
Among the actives, Shinhan Financial rose 0.11 percent, while KB Financial fell 0.22 percent, Hana Financial collected 0.70 percent, Samsung Electronics added 0.20 percent, LG Electronics gained 0.57 percent, Samsung SDI jumped 1.30 percent, SK Hynix shed 0.49 percent, POSCO perked 0.65 percent, SK Telecom skidded 1.63 percent, KEPCO climbed 1.25 percent, Hyundai Motors increased 0.41 percent and Kia Motors sank 1.39 percent.
The lead from Wall Street is soft as stocks showed a notable move to the downside on Monday, extending losses from the previous session and pulling back further from the record highs set last Wednesday.
The Dow shed 268.37 points or 0.96 percent to 27,783.04, while the NASDAQ lost 97.48 points or 1.12 percent to 8,567.99 and the S&P 500 fell 27.11 points or 0.86 percent to 3,113.87.
The continued weakness on Wall Street followed a report from the Institute for Supply Management noting continued contraction in U.S. manufacturing activity in November. A separate report from the Commerce Department showed an unexpected decrease in U.S. construction spending in October.
Traders also reacted to President Donald Trump announcing plans to reinstate tariffs on metal imports from Brazil and Argentina.
The price of crude oil regained some ground during on Monday following Friday's substantial decline. Crude oil for February delivery climbed $0.79 or 1.4 percent to $55.96 a barrel after plummeting $2.94 or 5.1 percent to $55.17 a barrel in the previous session.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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