Tech Shares Likely To Weigh On South Korea Stocks
(RTTNews.com) - The South Korea stock market on Tuesday ended the five-day winning streak in which it had advanced more than 60 points or 3 percent. The KOSPI now rests just shy of the 2,120-point plateau and the losses may accelerate on Wednesday.
The global forecast for the Asian markets is soft on concerns for the global economy and a slide in crude oil prices. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.
The KOSPI finished modestly lower on Tuesday as losses from the technology stocks and financial shares were mitigated by support from the industrials.
For the day, the index sank fell 6.84 points or 0.32 percent to finish at 2,117.77 after trading between 2,108.91 and 2,129.37. Volume was 414.45 million shares worth 4.83 trillion won. There were 452 decliners and 360 gainers.
Among the actives, LG Electronics tumbled 2.86 percent, while LG Display plunged 2.71 percent, SK Hynix skidded 0.60 percent, Samsung Electronics retreated 1.40 percent, Hana Financial dipped 0.40 percent, KB Financial lost 0.76 percent, POSCO shed 0.37 percent, SK Telecom added 0.19 percent, KEPCO gained 0.31 percent, Hyundai Motor rose 0.39 percent, Kia Motors jumped 1.41 percent and Shinhan Financial and Woori Bank were unchanged.
The lead from Wall Street is negative as stocks moved sharply lower on Tuesday, offsetting gains from last week's rally.
The Dow shed 301.87 points or 1.22 percent to 24,404.48, while the NASDAQ lost 136.87 points or 1.91 percent to 7,020.36 and the S&P fell 37.81 points or 1.42 percent to 2,632.90.
The pullback on Wall Street reflected concerns for the global economy after the International Monetary Fund said the global expansion is weakening at a faster rate that than expected.
Adding to the economic worries, the National Association of Realtors reported a steeper than expected drop in U.S. existing home sales in December - which hit their lowest level since November 2015.
Crude oil futures were sharply lower Tuesday as global growth worries resurfaced, raising concerns about energy demand. Crude oil futures for March ended down $1.23 or 2.3 percent at $52.57 a barrel on expiration day.
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