(RTTNews) - The South Korea stock market has finished lower in back-to-back trading days, plummeting more than 640 points or 7 percent in that span. The KOSPI now sits just above the 8,160-point plateau and it's expected to extend its losses on Monday.
The global forecast for the Asian markets is broadly negative with heavy pressure likely among technology companies. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The KOSPI finished sharply lower on Friday following losses among the technology, chemicals and industrial sectors, although the financial shares were strong.
For the day, the index plummeted 478.82 points or 5.54 percent to finish at 8,160.59 after trading between 8,038.10 and 8,382.16. Volume was 446.37 million shares worth 45.73 trillion won. There were 671 decliners and 224 gainers.
Among the actives, Shinhan Financial surged 7.39 percent, while KB Financial rallied 4.51 percent, Hana Financial collected 2.49 percent, Samsung Electronics plunged 6.40 percent, Samsung SDI tanked 6.43 percent, LG Electronics surrendered 7.62 percent, SK Hynix cratered 9.92 percent, Naver tumbled 4.49 percent, LG Chem shed 0.85 percent, Lotte Chemical slumped 4.32 percent, SK Innovation dropped 1.63 percent, POSCO Holdings declined 2.99 percent, SK Telecom sank 2.30 percent, KEPCO skidded 1.55 percent, Hyundai Mobis plummeted 6.82 percent, Kia Motors lost 1.95 percent and Hyundai Motor was unchanged.
The lead from Wall Street is brutal as the major averages opened lower on Friday and accelerated deeper into the red throughout the day, ending at session lows.
The Dow plunged 695.15 points or 1.35 percent to finish at 50,866.78, while the NASDAQ cratered 1,121.53 points or 4.18 percent to close at 25,709.43 and the S&P 500 tumbled 200.57 points or 2.64 percent to end at 7,383.74.
For the week, the NASDAQ plummeted 4.7 percent, the S&P 500 dove 2.9 percent and the Dow dipped 0.3 percent.
The sell-off on Wall Street came as technology stocks remained under pressure amid concerns about valuations.
Profit taking also contributed to the substantial weakness following recent strength in the markets, which lifted them to record closing highs.
A sharp increase by treasury yields also weighed on Wall Street, with yields surging following the release of stronger than expected U.S. jobs data.
Crude oil prices slumped on Friday on optimism that the Strait of Hormuz may re-open in the coming days. West Texas Intermediate crude for July delivery was down $2.97 or 2.97 percent at $90.07 per barrel.
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