The South Korean stock market on Tuesday wrote a finish to the four-day winning streak in which it had collected nearly 50 points or 2.6 percent. The KOSPI moved below the 1,790-point plateau, and now analysts are expecting to see the market extend its losses when it kicks off trade on Wednesday.
The global forecast for the Asian markets is broadly negative, thanks to renewed concerns about the European financial sector. Not surprisingly, the financials are expected to plummet, while the oil companies, properties and airlines also are likely to be weak. With gold at a fresh record high, the safe haven is expected to provide support. The European and U.S. markets ended sharply lower, and the Asian markets are expected to follow suit.
The KOSPI finished slightly lower on Tuesday as weakness from the technology stocks and automobile producers was pared by gains from the steel companies.
For the day, the index added 4.68 points or 0.26 percent to finish at 1,787.74 after trading between 1,786.37 and 1,796.50. Volume was 310 million shares worth 4.72 trillion won.
Among the actives, POSCO added 4.5 percent, Hyundai Steel surged 5.1 percent and Dongkuk Steel Mill gained 2.9 percent, while Hyundai Motor shed 0.7 percent and Hynix Semiconductor lost 1.6 percent.
The lead from Wall Street is weak as stocks fell by sharp margins to open the Labor Day-shortened week on Tuesday, as profit taking following last week's gains drove the major averages down off of their best closing levels in three weeks. Nonetheless, the pullback came on low volume, with many traders staying away from their desks following the three-day weekend.
Coca-Cola Enterprises, Inc. (CCE) moved moderately higher on the day after the largest bottler of Coca-Cola (KO) beverages raised its full year earnings outlook to a range of $1.78 to $1.82 per share. Earlier, the company had estimated earnings in the range of $1.73 to $1.77 per share.
Meanwhile, Idenix Pharmaceuticals, Inc. (IDIX) fell sharply after saying it received a verbal notice from the FDA placing a clinical hold on the company's IDX184 and IDX320 programs in hepatitis C virus-infected patients.
The markets also digested some key management shifts at a number of major firms. Beckman Coulter, Inc. (BEC) announced that its chairman, president and CEO Scott Garrett has resigned, while Robert Hurley was named the company's interim President and CEO.
Oracle Corp. (ORCL) also revealed that former Hewlett-Packard (HPQ) CEO Mark Hurd has been appointed as its co-president. However, HP has subsequently filed a lawsuit against Hurd based on conflict of interest.
Additionally, Barclays Plc (BCS) named Robert Diamond as its CEO, effective next year. Diamond will succeed John Varley, who intends to step down as CEO and from the Barclays Boards and the Group Executive Committee on March 31, 2011.
The major averages saw some late-day volatility, ending near their session lows. The Dow fell by 107.24 points or 1 percent to end at 10,340.69, the NASDAQ declined by 24.86 points or 1.1 percent to 2,208.89 and the S&P 500 lost 12.67 points or 1.1 percent to close at 1,091.84.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.