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Continued Consolidation Called For South Korea Shares

The South Korea stock market has finished lower in back-to-back trading days, sliding almost 40 points or 1.9 percent along the way. The KOSPI now rests just above the 2,055-point plateau and it may take further damage again on Monday.

The global forecast for the Asian markets is soft on sliding crude oil prices and concerns over global trade. The European and U.S. markets ended lower on Friday and the Asian markets are tipped to open in similar fashion on Monday.

The KOSPI finished modestly lower on Friday following losses from the financial shares, technology stocks and industrials.

For the day, the index dropped 11.89 points or 0.58 percent to finish at 2,055.80 after trading between 2,053.79 and 2,082.83. Volume was 519 million shares worth some 4.86 trillion won. There were 516 decliners and 316 gainers.

Among the actives, Shinhan Financial collected 0.56 percent, while KB Financial shed 0.87 percent, Hana Financial skidded 1.09 percent, Samsung Electronics fell 0.84 percent, LG Electronics dipped 0.14 percent, SK Hynix was down 0.42 percent, POSCO lost 0.42 percent, KEPCO dropped 1.17 percent, SK Telecom eased 0.19 percent, Hyundai Heavy added 0.46 percent, Samsung Heavy retreated 1.54 percent, Hyundai Motor tumbled 1.57 percent, Kia Motors slid 0.83 percent and LG Display was unchanged.

The lead from Wall Street suggests volatile negativity as stocks saw wild swings on Friday, finally ending firmly in the red.

The Dow shed 98.68 points or 0.38 percent to finish at 25,764.00, while the NASDAQ lost 81.76 points or 1.04 percent to 7,816.28 and the S&P 500 fell 16.79 points or 0.58 percent to 2,859.53. For the week, the Dow shed 0.7 percent, the NASDAQ lost 1.3 percent and the S&P fell 0.8 percent.

Reflecting recent market sensitivity to trade-related news, Wall Street's late-day pullback followed reports that negotiations between the U.S. and China have stalled.

In economic news, the University of Michigan noted a substantial jump in consumer sentiment in May, although the data was recorded mostly before trade negotiations with China collapsed.

Crude oil futures settled modestly lower on Friday amid prospects of supply disruptions due to escalating tensions in the Middle East. West Texas Intermediate Crude oil futures for June ended down $0.11 or 0.17 percent at $62.76 a barrel.

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