Plus   Neg

Continued Consolidation Called For KOSPI

The South Korea stock market on Wednesday wrote a finish to the three-day winning streak in which it had advanced almost 40 points or 1.8 percent. The KOSPI now rests just above the 2,280-point plateau and it's expected to take further damage on Thursday.

The global forecast for the Asian markets is weak thanks to renewed trade war concerns and a tumble in the price of crude oil. The European and U.S. markets were down and the Asian bourses figure to follow suit.

The KOSPI finished modestly lower on Wednesday following losses from the industrial issues and mixed performances from the financial shares and technology stocks.

For the day, the index fell 13.54 points or 0.59 percent to finish at 2,280.62 after trading between 2,262.77 and 2,287.08. Volume was 419 million shares worth 5.6 trillion won. There were 497 decliners and 321 gainers.

Among the actives, Samsung Electronics shed 0.65 percent, while SK hynix lost 0.57 percent, LG Display added 0.51 percent, KB Financial skidded 1.28 percent, Woori Bank collected 0.60 percent, Hana Financial gained 0.70 percent, Shinhan Financial was unchanged, SK Telecom perked 1.93 percent, Hyundai Motor dropped 1.62 percent, Kia Motors fell 0.64 percent, POSCO climbed 0.97 percent, Hyundai Steel declined 0.83 percent and Naver jumped 1.18 percent.

The lead from Wall Street is negative as stocks gave ground Wednesday after trending higher in recent days. With the drop on the day, the S&P 500 pulled back from its best closing level in five months.

The Dow slumped 219.21 points or 0.88 percent to 24,700.45, while the NASDAQ fell 42.59 points or 0.55 percent to 7,716.61 and the S&P 500 slid 19.82 points or 0.71 percent to 2,774.02.

The weakness on Wall Street came amid renewed concerns about the economic impact of a global trade war after President Donald Trump's administration proposed new tariffs on China - which has vowed to retaliate, which will not take effect until after a two-month review process.

In economic news, the Labor Department said producer prices increased more than expected in June, while core prices advanced in line with expectations.

Energy stocks came under pressure, moving lower along with the price of crude oil. Crude for August delivery plunged $3.73 to $70.38 a barrel amid concerns about an increase in supply.

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