Losing Streak May Continue For South Korea Stock Market

(RTTNews) – The South Korea stock market has moved lower in back-to-back sessions, slipping almost 25 points or 0.9 percent along the way. The KOSPI now remains just shy of the 2,695-point plateau and it may extend its losses on Tuesday.

The global forecast for the Asian markets is mixed and flat to lower ahead of the start of earnings season. The European markets were up and the US markets were down and the Asian markets figure to split the difference.

The KOSPI finished slightly lower on Monday following mixed performances from the financials, industrials and technology stocks.

For the day, the index dipped 2.85 points or 0.11 percent to finish at 2,693.21 after trading between 2,681.37 and 2,701.11. Volume was 1.1 billion shares worth 8.9 trillion won. There were 423 gainers and 417 decliners.

Among the assets, Shinhan Financial fell 0.37 percent, while KB Financial collected 0.34 percent, Hana Financial slid 0.43 percent, Industrial Bank of Korea improved 0.45 percent, Samsung Electronics rose 0.15 percent, LG Electronics retreated 1.58 percent, LG Display plummeted 4.16 percent, SK Hynix advanced 0.93 percent, Naver sank 0.65 percent, LG Chem dropped 0.99 percent, Samsung SDI tumbled 1.96 percent, Lotte Chemical was up 0.26 percent, SK Innovation spiked 4.10 percent, POSCO perked 0.18 percent, Korea Shipbuilding & Offshore Engineering plunged 3.89 percent, SK Telecom added 0.50 percent, KEPCO gained 0.46 percent, Hyundai Motor accelerated 0.85 percent, Kia Motors jumped 1.96 percent and S-Oil was unchanged.

The lead from Wall Street ends up slightly soft as the major averages spent most of Monday bouncing back and forth across the unchanged line before finally finishing barely in the red.

The Dow shed 39.54 points or 0.11 percent to finish at 34,411.69, while the NASDAQ dipped 18.72 points or 0.14 percent to close at 13,332.36 and the S&P 500 fell 0.90 points or 0.02 percent to end at 4,391.69.

The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of the release of a slew of earnings news this week.

In economic news, the National Association of Home Builders reported continued deterioration in US homebuilder confidence in April.

Crude oil futures settled at a three-week high on Monday as prices rebounded amid concerns about tight supply due to the ongoing Russian invasion of Ukraine and news about the shutdown of Libya’s biggest oil field. West Texas Intermediate Crude oil futures for May ended higher by $1.26 or 1.2 percent at $108.21 a barrel.

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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