The South Korea stock market has moved lower in three straight sessions, slipping more than 45 points or 1.8 percent along the way. The KOSPI now rests just above the 2,625-point plateau and it’s expected to extend its losses again on Friday.
The global forecast for the Asian markets is soft on concerns for inflation and economic growth. The European and U.S. markets were firmly lower and the Asian bourses are tipped to open in similar fashion.
The KOSPI finished barely lower on Thursday following mixed performances from the financial shares, technology stocks and industrials.
For the day, the index dipped 0.71 points or 0.03 percent to finish at 2,625.44 after trading between 2,606.61 and 2,627.88. Volume was 806 million shares worth 10.6 trillion won. There were 591 gainers and 272 decliners.
Among the actives, Shinhan Financial strengthened 1.67 percent, while KB Financial lost 0.52 percent, Hana Financial fell 0.43 percent, Samsung Electronics dipped 0.15 percent, Samsung SDI spiked 1.65 percent, LG Electronics and Kia Motors both added 0.49 percent, SK Hynix shed 0.47 percent, Naver tumbled 1.80 percent, LG Chem improved 1.38 percent, Lotte Chemical jumped 1.75 percent, S-Oil climbed 1.26 percent, SK Innovation rallied 1.67 percent, POSCO perked 0.18 percent, SK Telecom dropped 0.89 percent, KEPCO declined 1.48 percent and Hyundai Motor fell 0.27 percent.
The lead from Wall Street broadly negative as the major averages opened slightly lower on Thursday but the losses accelerated sharply in the final hour of trade, sending them deep into the red at the finish.
The Dow plunged 638.11 points or 1.94 percent to finish at 32,272.79, while the NASDAQ plummeted 332.04 points or 2.75 percent to end at 11,754.23 and the S&P 500 sank 97.95 points or 2.38 percent to close at 4,017.82.
The sell-off on Wall Street came as traders looked ahead to the release of a Labor Department report on consumer price inflation later today. The report is expected to show that consumer prices increased by 0.7 percent in May after rising by 0.3 percent in April.
The inflation data could have an impact on the outlook for monetary policy ahead of the Federal Reserve’s decision on interest rates next Wednesday.
On the economic front, a report released by the Labor Department showed first-time claims for U.S. unemployment benefits rose by more than expected in the week ended June 4th.
Crude oil prices drifted lower on Thursday as demand concerns resurfaced following authorities in Shanghai imposing new Covid-related restrictions. West Texas Intermediate Crude oil futures for July ended down by $0.60 or 0.5 percent at $121.51 a barrel.
Closer to home, South Korea will see April numbers for current account later today; in March, the current account surplus was $6.73 billion.
No Relief Yet For South Korea Stock Market
2022-06-09 23:00:11
