South Korea Stock Market Overdue For Support On Friday

The South Korea stock market has moved lower in six straight sessions, sinking more than 75 points or 2.3 percent along the way. The KOSPI now rests just beneath the 3,210-point plateau and it’s expected to find traction on Friday.

The global forecast for the Asian markets is upbeat amid bargain hunting from technology stocks, capped by stalled crude oil prices. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KOSPI finished modestly lower on Thursday as losses from the technology and oil stocks were mitigated by support from the automobile producers and a mixed bag from the financial sector.

For the day, the index shed 12.24 points or 0.38 percent to finish at 3,208.38 after trading between 3,202.11 and 3,229.59. Volume was 635 billion shares worth 20.2 trillion won. There were 452 decliners and 404 gainers.

Among the actives, Shinhan Financial collected 0.38 percent, while KB Financial lost 0.37 percent, Hana Financial gained 0.67 percent, Samsung Electronics tumbled 1.91 percent, LG Electronics declined 1.92 percent, SK Hynix plunged 4.74 percent, Naver skidded 1.01 percent, LG Chem soared 3.17 percent, Lotte Chemical dipped 0.19 percent, S-Oil sank 0.63 percent, SK Innovation retreated 1.83 percent, POSCO tanked 2.17 percent, SK Telecom surged 6.47 percent, KEPCO shed 0.40 percent, Hyundai Motor rose 0.23 percent and Kia Motors soared 4.21 percent.

The lead from Wall Street suggests mild upside as the major averages opened lower on Thursday but gradually broke into positive territory as the day progressed, ending in the green.

The Dow rose 14.48 points or 0.04 percent to finish at 35,499.85, while the NASDAQ added 51.13 points or 0.35 percent to close at 14,816.26 and the S&P 500 gained 13,13 points or 0.30 percent to end at 4,460.83.

The choppy trading on Wall Street comes as traders digest separate reports from the Labor Department on weekly jobless claims and producer price inflation.

The Labor Department said initial jobless claims edged down to 375,000 last week, a decrease of 12,000 from the previous week’s revised level of 387,000. Also, the Labor Department said its producer price index for final demand surged 1.0 percent in July, matching the jump in June.

Crude oil prices drifted lower Thursday on concerns about outlook for energy demand after an International Energy Agency report said oil demand growth will likely ebb in the second half of the year. West Texas Intermediate Crude oil futures for September ended down by $0.16 or 0.2 percent at $69.09 a barrel.

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