Further consolidation expected for South Korean stocks

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(RTTNews) – The South Korean stock market broke the two-day drop on Tuesday in which it fell nearly 25 points or 1.1%. KOSPI now rests just above the 2,960 point plateau, although it is likely to head south again on Wednesday. Global forecasts for Asian markets suggest a slight consolidation after several days of gains, although crude oil price support should limit the decline. European and US markets were down slightly and Asian markets are expected to open similarly. KOSPI ended slightly higher on Tuesday as financial stocks and tech stocks were mostly higher, while oil and auto companies were weak. For the day, the index rose 2.26 points or 0.08% to end at 2,962.46 after trading between 2,949.17 and 2,987.28. The volume was 699 million shares valued at 9600 billion won. There were 540 winners and 317 losers. Among assets, Shinhan Financial slipped 0.27%, while KB Financial collected 0.90%, Hana Financial rose 1.14%, Samsung Electronics fell 0.14%, LG Electronics gained 0 , 41%, SK Hynix rose 1.40%, Naver rose 2.33%, Samsung SDI added 0.54 percent, LG Chem fell 0.26 percent, Lotte Chemical rose 0 , 23 percent, S-Oil fell 0.99 percent, SK Innovation lost 0.64 percent, POSCO increased 0.18 percent, KEPCO declined 1.47 percent, Hyundai Motor a fell 0.93 percent, Kia Motors was down 1.25 percent and SK Telecom remained unchanged.

Wall Street’s lead is negative as major averages opened lower on Tuesday and spent the entire session relaxing from record closing highs.

The Dow Jones slipped 112.24 points or 0.31% to end at 36,319.98, while the NASDAQ lost 95.81 points or 0.60% to close at 15,886.54 and the S&P 500 lost lost 16.45 points or 0.35% to finish at 4,695.25.

Crude oil futures stabilized sharply higher on Tuesday amid growing hope over the outlook for energy demand after the United States lifted travel restrictions in several countries. West Texas Intermediate crude oil futures for December ended $ 2.22 or 2.7% at $ 84.15 a barrel.

The decline on Wall Street partly reflected profit taking as some traders took advantage of recent market strength.

Economic news may start to gain increased attention as investors try to determine when the Federal Reserve will start raising interest rates. The Fed has announced plans to start cutting asset purchases, but signaled it would not be in a rush to raise rates. On the US economic front, the Labor Department released a report showing that producer prices rose slightly more than expected in October.

Closer to home, South Korea will see October unemployment figures later this morning; in September, the unemployment rate was 3.0%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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