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South Korea Shares May Inch Higher On Monday

The South Korea stock market on Friday snapped the two-day slide in which it had fallen almost 35 points or 1.5 percent. The KOSPI now rests just above the 2,215-point plateau and it may tick slightly higher again on Monday.

The global forecast for the Asian markets is likely all about inertia, since most of the European and U.S. markets were closed Friday for the long Easter weekend. Little movement is expected for the Asian bourses.

The KOSPI finished slightly higher on Friday following gains from the oil companies, weakness from the financials and a mixed picture from the technology stocks.

For the day, the index rose 2.38 points or 0.11 percent to finish at 2,216.15 after trading between 2,215.58 and 2,225.37. Volume was 517 million shares at 4.84 trillion won. There were 525 gainers and 271 decliners.

Among the actives, S-Oil added 0.46 percent, while SK Innovation rose 0.26 percent, Shinhan Financial dropped 1.11 percent, KB Financial shed 0.87 percent, Hana Financial lost 0.39 percent, SK Telecom sank 0.41 percent, Samsung Electronics shed 0.66 percent, LG Electronics eased 0.14 percent, LG Display skidded 1.15 percent, SK hynix surged 3.28 percent, POSCO plunged 2.41 percent, Kia Motors tumbled 1.72 percent and Hyundai Motor and KEPCO were unchanged.

There are precious few catalysts for trade on Monday as the U.S. and most major European was closed for Good Friday. The European markets remain closed for Easter Monday as well, while Wall Street returns to action later today.

The geopolitical scene remained blissfully quiet and many traders are expected to remain away from their desks today, so the Asian markets are setting up for a quiet session.

In U.S. economic news, the Commerce Department reported an unexpected drop in new residential construction and building permits in March.

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