South Korea Bourse May Spin Its Wheels On Monday
(RTTNews) - Ahead of the long weekend for Chuseok Day, the South Korea stock market had climbed higher in six straight sessions, soaring more than 80 points or 4.1 percent along the way. The KOSPI now rests just beneath the 2,050-point plateau although it may be stuck in neutral on Monday.
The global forecast for the Asian markets is mixed and flat amid a lack of catalysts, although sliding crude oil prices may weigh. The European markets were slightly higher and the U.S. markets were mostly lower - and the Asian markets are tipped to follow the latter lead.
The KOSPI finished modestly higher on Wednesday following gains from the financial shares and industrials, while the technology stocks came in mixed.
For the day, the index advanced 17.12 points or 0.84 percent to finish at 2,049.20 after trading between 2,040.04 and 2,050.80. Volume was 421 million shares worth 5.91 trillion won. There were 643 gainers and 182 decliners.
Among the actives, Shinhan Financial rose 0.12 percent, while KB Financial spiked 2.82 percent, Hana Financial collected 0.86 percent, Samsung Electronics added 0.32 percent, LG Electronics shed 0.62 percent, LG Display soared 3.86 percent, SK Hynix lost 0.60 percent, POSCO perked 6.07 percent, Hyundai Steel accelerated 2.96 percent, SK Telecom dropped 0.83 percent, KEPCO climbed 1.19 percent, Hyundai Motors gained 0.78 percent and Kia Motors accelerated 2.08 percent.
The lead from Wall Street offers little clarity as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before closing mixed.
The Dow added 37.07 points or 0.14 percent to 27,219.52, while the NASDAQ fell 17.75 points or 0.22 percent and the S&P 500 lost 2.18 points or 0.07 percent to 3,007.39. For the week, the Dow gained 1.6 percent, the NASDAQ rose 0.9 percent and the S&P was up 1 percent.
The choppy trading on Wall Street came as the major averages encountered some resistance as they climbed back within striking distance of the record highs set in July.
Signs of easing trade tensions between the U.S. and China and upbeat economic data generated some positive sentiment, but traders seemed wary amid lingering uncertainty.
In economic news, the Commerce Department said U.S. retail sales rose more than expected in August, while the University of Michigan noted that U.S. consumer sentiment rebounded more than expected in September.
Crude oil prices edged lower on Friday, extending losses to a fourth straight session as traders feared a likely drop in energy demand and excess supply in the market. West Texas Intermediate Crude oil futures for October ended down $0.24 or 0.4 percent at $54.85 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.