Plus   Neg

Losing Streak May Continue For South Korea Shares

The South Korea stock market has finished lower in four straight sessions, sliding almost 25 points or 1 percent along the way. The KOSPI now rests just above the 2,525-point plateau and it draws another uninspired lead for Wednesday.

The global forecast for the Asian markets is negative thanks to uncertainty over U.S. tax reform and a decline in crude oil prices. The European and U.S. markets were down and the Asian bourses figure to follow suit.

The KOSPI finished slightly lower on Tuesday as losses from the technology stocks were mitigated by support from the financial sector.

For the day, the index fell 3.71 points or 0.15 percent to finish at 2,526.64 after trading between 2,520.99 and 2,532.95. Volume was 283.65 million shares worth 5.67 trillion won. There were 432 decliners and 372 gainers.

Among the actives, Shinhan Financial collected 0.42 percent, while Woori Bank jumped 0.97 percent, Samsung Electronics shed 0.82 percent, LG Electronics skidded 1.61 percent, SK hynix climbed 1.34 percent, Hyundai Motor was unchanged, Kia Motors plummeted 2.09 percent, LG Chem lost 0.51 percent, Hyundai Heavy advanced 1.01 percent, POSCO added 0.16 percent and Hyundai Steel skidded 1.39 percent.

The lead from Wall Street is soft as stocks opened lower on Tuesday, regained some ground but still finish in the red - offsetting modest gains from the previous session.

The Dow shed 30.23 points or 0.13 percent to 23,409.47, while the NASDAQ lost 19.72 points or 0.29 percent to 6,737.87 and the S&P 500 fell 5.97 points or 0.23 percent to 2,578.87.

Uncertainty about the outlook for the Republican tax reform proposal weighed as the House prepares to vote on their bill later this week. The House bill has significant differences from the Senate version, raising concerns about whether GOP lawmakers will be able to combine the legislation.

In economic news, the Labor Department reported that producer prices increased more than expected in October - as did core producer prices.

Energy stocks showed a significant move to the downside on Tuesday amid a steep drop by the price of crude oil - which tumbled $1.06 to $55.70 a barrel for December delivery.

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