logo
Plus   Neg
Share
Email

Oversold KOSPI Tipped To Open Lower Again On Monday

The South Korea stock market has finished lower in six consecutive trading days, sliding almost 100 points or 4.6 percent along the way. The KOSPI now rests just above the 2,135-point plateau and it inherits another weak lead for Monday.

The global forecast for the Asian markets is negative on falling crude oil prices and disappointing economic data. The European and U.S. markets were down on Friday and the Asian markets are tipped to open in similar fashion.

The KOSPI finished sharply lower on Friday with broadly based damage - particularly from the financial shares and technology stocks.

For the day, the index tumbled 28.35 points or 1.31 percent to finish at 2,137.44 after trading between 2,137.44 and 2,159.67. Volume was 308.82 million shares worth 4.44 trillion won. There were 584 decliners and 241 gainers.

Among the actives, Shinhan Financial shed 1.52 percent, while KB Financial lost 2.20 percent, Hana Financial fell 2.39 percent, SK Telecom slid 0.79 percent, Samsung Electronics skidded 1.46 percent, LG Electronics retreated 1.86 percent, SK hynix tumbled 2.06 percent, Hyundai Motor plunged 4.38 percent, Kia Motors dropped 1.61 percent, POSCO dipped 0.40 percent and KEPCO was unchanged.

The lead from Wall Street is uninspired as stocks opened lower Friday, came off session lows as the day progressed but still ended slightly in the red.

The Dow shed 22.99 points or 009 percent to 25.450.24, while the NASDAQ lost 13.32 points or 0.18 percent to 7,408.14 and the S&P 500 fell 5.86 points or 0.21 percent to 2,743.07. For the week, the Dow and the S&P both slumped 2.2 percent, while the NASDAQ tumbled 2.5 percent.

The initial weakness on Wall Street came after the Labor Department said job growth nearly ground to a halt in February after soaring in January. The much weaker than expected job growth in February represented the worst month since September 2017

Concerns about the global economy also weighed on the markets after the European Central Bank downgraded its GDP forecasts and China reported weaker than expected trade data for February.

Crude oil futures ended lower on Friday as worries about demand growth resurfaced on data showing weak jobs growth in the U.S. and a sharp plunge in Chinese exports. West Texas Intermediate Crude oil futures for April ended down $0.59 or 1 percent at $56.07 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT