The South Korea stock market has moved lower in back-to-back sessions, slipping more than 15 points or 0.4 percent in that span. The KOSPI now rests just beneath the 2,740-point plateau and it’s tipped to open under pressure again on Tuesday.
The global forecast for the Asian markets is weak, although losses from the technology stocks may be mitigated by support from the oil companies. The European markets were mixed and flat and the U.S. bourses were down and the Asian markets figure to split the difference.
The KOSPI finished modestly lower on Monday following losses from the financial shares, technology stocks and automobile producers.
For the day, the index shed 10.99 points or 0.40 percent to finish at 2,737.57 after trading between 2,731.70 and 2,763.63. Volume was 479.9 million shares worth 9.78 trillion won. There were 527 decliners and 336 gainers.
Among the actives, KB Financial plunged 3.87 percent, while Hana Financial surrendered 2.19 percent, Samsung Electronics dropped 0.89 percent, Samsung SDI soared 2.86 percent, LG Electronics shed 0.50 percent, SK Hynix dipped 0.24 percent, Naver lost 0.48 percent, LG Chem jumped 1.65 percent, Lotte Chemical sank 0.66 percent, S-Oil slumped 1.29 percent, SK Innovation added 0.48 percent, POSCO advanced 0.82 percent, SK Telecom perked 0.19 percent, KEPCO tumbled 1.97 percent, Hyundai Mobis skidded 1.53 percent, Hyundai Motor retreated 1.64 percent, Kia Motors declined 1.24 percent and Shinhan Financial was unchanged.
The lead from Wall Street is soft as the major averages opened in the red on Monday and largely remained under water throughout the trading day.
The Dow dropped 162.26 points or 0.41 percent to finish at 39,313.64, while the NASDAQ sank 44.35 points or 0.27 percent to close at 16,384.47 and the S&P 500 fell 15.99 points or 0.31 percent to end at 5,218.19.
Weakness among technology stocks weighed on the markets, with semiconductor giant Intel (INTC) plunging by as much as 4.7 percent after reports suggested that China has introduced new guidelines to phase microprocessors from Intel and Advanced Micro Devices (AMD) out of government PCs and servers.
Selling pressure remained relatively subdued, however, as traders seemed reluctant to make more significant moves ahead of the release of some key economic data in the coming days, including key inflation numbers on Friday.
In economic news, the Commerce Department released a report showing new home sales in the U.S. unexpectedly decreased in February.
Oil prices moved higher on Monday amid concerns about supply disruptions after Ukraine continued to attack Russian refineries. A weak dollar amid expectations of interest rate cuts by central banks contributed as well to the rise in oil prices. West Texas Intermediate Crude oil futures for May ended higher by $1.32 or 1.64 percent at $81.95 a barrel.
Market Analysis
South Korea Shares May Extend Losing Streak
2024-03-25 23:01:16
