The South Korea stock market on Tuesday snapped the two-day slide in which it had slumped more than 70 points or 2.8 percent. The KOSPI now rests just beneath the 2,670-point plateau although it’s expected to face renewed selling pressure on Wednesday.
The global forecast for the Asian markets is broadly negative on inflation and treasury yield concerns. The European and U.S. markets were sharply lower and the Asian bourses are tipped to follow that lead.
The KOSPI finished modestly higher on Tuesday following gains from the automobile producers, weakness from the financials and mixed performances from the oil and chemical companies.
For the day, the index picked up 11.18 points or 0.42 percent to finish at 2,668.31 after trading between 2,663.83 and 2,678.05. Volume was 873 million shares worth 10.64 trillion won. There were 550 gainers and 316 decliners.
Among the actives, Shinhan Financial dropped 0.83 percent, while Hana Financial shed 0.42 percent, Samsung Electronics fell 0.39 percent, Samsung SDI improved 0.52 percent, LG Electronics accelerated 2.10 percent, SK Hynix spiked 2.78 percent, Naver lost 0.52 percent, LG Chem tumbled 2.26 percent, Lotte Chemical rose 0.26 percent, S-Oil retreated 1.44 percent, SK Innovation climbed 1.18 percent, POSCO sank 0.70 percent, SK Telecom skidded 1.01 percent, KEPCO advanced 0.71 percent, Hyundai Motor rallied 2.75 percent, Kia Motors surged 4.90 percent and KB Financial was unchanged.
The lead from Wall Street is brutal as the major averages opened lower on Tuesday and the losses only accelerated as the day progressed.
The Dow plummeted 809.28 points or 2.38 percent to finish at 33,240.18, while the NASAQ tumbled 514.11 points or 3.95 percent to close at 12,490.74 and the S&P 500 dropped 120.92 points or 2.81 percent to end at 4,175.20.
The sell-off on Wall Street came as elevated inflation, rising treasury yields and the ongoing war in Ukraine continued to weigh on investors as they digest the latest earnings news.
In economic news, the Commerce Department said new orders for U.S. manufactured durable goods rebounded in March. The Commerce Department also noted a steep drop in U.S. new home sales in March. And the Conference Board reported a mild decrease in U.S. consumer confidence in April.
Crude oil prices moved higher Tuesday as concerns about outlook for energy demand eased after the Chinese central bank said that it would support small businesses and industries affected by the pandemic. West Texas Intermediate Crude oil futures for June ended higher by $3.16 or 3.2 percent at $101.70 a barrel.
Market Analysis
Rough Start Predicted For South Korea Stock Market
2022-04-26 23:00:37
