The South Korea stock market has finished lower in two straight sessions, slipping almost 45 points or 1.8 percent along the way. The KOSPI now rests just above the 2,625-point plateau and it may open under pressure again on Thursday.
The global forecast for the Asian markets is soft on concerns for rising inflation and slowing growth. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The KOSPI finished barely lower on Thursday following mixed performances from the financials, technology stocks and chemical companies.
For the day, the index eased 0.19 points or 0.01 percent to finish at 2,626.15 after trading between 2,621.96 and 2,639.52. Volume was 561 million shares worth some 7.4 trillion won. There were 481 decliners and 360 gainers.
Among the actives, Shinhan Financial collected 0.24 percent, while Samsung Electronics fell 0.31 percent, LG Electronics gained 0.49 percent, SK Hynix jumped 1.92 percent, LG Chem soared 4.50 percent, Lotte Chemical retreated 1.47 percent, S-Oil lost 0.42 percent, SK Innovation strengthened 1.48 percent, POSCO shed 0.52 percent, SK Telecom eased 0.18 percent, KEPCO soared 2.83 percent, Hyundai Motor dipped 0.27 percent, Kia Motors declined 1.45 percent and KB Financial, Hana Financial and Naver were unchanged.
The lead from Wall Street is negative as the major averages opened lower and spent most of the session in the red before finishing firmly in negative territory.
The Dow shed 269.24 points or 0.81 percent to finish at 32,910.90, while the NASDAQ lost 88.96 points or 0.73 percent to end at 12,086.27 and the S&P 500 sank 44.91 points or 1.08 percent to close at 4,115.77.
The weakness on Wall Street followed lower global growth forecasts by the World Bank and the Organization for Economic Cooperation and Development weighed as well.
Higher treasury yields also caused the market’s decline after they rose above the psychologically important 3 percent level, fueling concerns about inflation.
In economic news, the Commerce Department said wholesale inventories in the United States increased more than expected in April, although they were down from the previous month.
Crude oil prices climbed higher on Wednesday, buoyed by a sharp drop in gasoline inventories in the U.S. last week, and on optimism for increased demand from China. West Texas Intermediate Crude oil futures for July ended higher by $2.70 or 2.3 percent at $122.11 a barrel, hitting a three-week high.
Closer to home, South Korea will provide May data for unemployment later today; in April, the jobless rate was 2.7 percent.
Market Analysis
Losing Streak May Continue For South Korea Stock Market
2022-06-08 23:00:10
