Ahead of Monday’s holiday for Liberation Day, the South Korea stock market had moved lower in seven straight sessions, plunging more than 110 points or 3.5 percent along the way. The KOSPI now rests just above the 3,170-point plateau although it may find traction on Tuesday.
The global forecast for the Asian markets is mixed on concerns for economic recovery. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.
The KOSPI finished sharply lower on Friday following losses from the financial shares, technology stocks and automobile producers – while the oil and chemical companies were mixed.
For the day, the index dropped 37.09 points or 1.16 percent to finish at 3,171.29 after trading between 3,146.76 and 3,209.72. Volume was 684 million shares worth 19.8 trillion won. There were 723 decliners and 164 gainers.
Among the actives, Shinhan Financial skidded 1.14 percent, while KB Financial shed 0.37 percent, Hana Financial retreated 1.43 percent, Samsung Electronics tanked 3.38 percent, LG Electronics plunged 1.63 percent, SK Hynix advanced 1.00 percent, Naver dropped 0.91 percent, LG Chem rallied 2.05 percent, Lotte Chemical plummeted 3.50 percent, S-Oil declined 1.37 percent, SK Innovation spiked 2.69 percent, POSCO perked 0.89 percent, SK Telecom tumbled 2.08 percent, KEPCO lost 0.80 percent, Hyundai Motor sank 0.91 percent and Kia Motors surrendered 1.62 percent.
The lead from Wall Street is mixed as the major averages opened under water on Monday, although the Dow and S&P rallied late to climb into the green and hit fresh record closing highs.
The Dow jumped 110.02 points or 0.31 percent to finish at 35,625,40, while the NASDAQ shed 29.13 points or 0.20 percent to close at 14,793.76 and the S&P 500 gained 11.71 points or 0.26 percent to end at 4,479.71.
The mixed performance on Wall Street came as traders remain optimistic about the outlook for the markets despite some signs of weakness in the global economy.
Negative sentiment was also generated by a report from the New York Federal Reserve showing New York manufacturing activity saw significantly slower growth in August.
Crude oil futures settled sharply lower Monday, extending losses to a third session amid worries about the outlook for energy demand. West Texas Intermediate Crude oil futures for September shed $1.15 or 1.7 percent at $67.29 a barrel.
Market Analysis
Oversold KOSPI May Stop The Bleeding On Tuesday
2021-08-16 23:00:39
