logo
Plus   Neg
Share
Email

More Pain Predicted For South Korea Stock Market

The South Korea stock market turned lower again on Monday, one session after it had ended the four-day slide in which it had tumbled more than 110 percent or 5 percent. Now at a four-month closing low, the KOSPI sits just shy of the 2,080-point plateau and it's expected to open under pressure again on Tuesday.

The global forecast for the Asian markets is broadly negative on concerns of a full-fledged trade war between the U.S. and China. The European and U.S. markets were firmly in the red and the Asian bourses are expected to open in similar fashion.

The KOSPI finished sharply lower on Monday following losses from the financial shares, industrial issues and technology stocks.

For the day, the index dropped 29.03 points or 1.38 percent to finish at 2,079.01 after trading between 2,077.72 and 2,101.09. Volume was 494 million shares worth 4.5 trillion won. There were 701 decliners and 143 gainers.

Among the actives, Shinhan Financial collected 0.67 percent, while KB Financial slid 0.32 percent, Hana Financial dropped 0.83 percent, Hyundai Heavy Industries plummeted 4.76 percent, Samsung Heavy Industries sank 3.58 percent, Samsung Electronics shed 0.58 percent, LG Electronics plunged 2.76 percent, LG Display declined 2.24 percent, SK hynix skidded 1.21 percent, POSCO retreated 1.04 percent, KEPCO lost 0.55 percent, SK Telecom tumbled 1.14 percent, Hyundai Motor fell 0.77 percent and Kia Motors was unchanged.

The lead from Wall Street is brutal as stocks moved sharply lower on Monday, with the Dow sliding to a three-month closing low and the NASDAQ and S&P 500 hitting one-month lows.

The Dow shed 617.38 points or 2.38 percent to 25,324.99, while the NASDAQ plummeted 269.92 points or 3.41 percent to 7,647.02 and the S&P 500 fell 69.53 points or 2.41 percent to 2,811.87.

The sell-off on Wall Street came after China announced plans to raise tariffs on $60 billion worth of U.S. goods, shrugging off a warning from U.S. President Donald Trump. The move by China comes in retaliation for Trump's recent decision to raise tariffs on approximately $200 billion worth of Chinese goods to 25 percent from 10 percent.

Trump has previously threatened to raise tariffs on essentially all remaining imports from China, which are valued at approximately $300 billion.

Crude oil futures settled notably lower Monday as worries about global growth following an escalation in U.S.-China trade tensions raised concerns about energy demand. West Texas Intermediate crude oil futures for June ended down $0.62 or 1 percent at $61.04 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT