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More Pain Predicted For South Korea Stock Market

The South Korea stock market on Monday ended the two-day winning streak in which it had collected almost 15 points or 0.8 percent. The KOSPI now rests just above the 2,060-point plateau and it may extend its losses on Tuesday.

The global forecast for the Asian markets is modestly negative, with weakness from technology stocks likely offset by mild upside from crude oil prices. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

The KOSPI finished sharply lower on Monday with damage across the board - especially from the financial shares, industrials and technology stocks.

For the day, the index plummeted 46.42 points or 2.20 percent to finish at 2,064.17 after trading between 2,063.78 and 2,092.54. Volume was 507 million shares worth 4.27 trillion won. There were 839 decliners and 44 gainers.

Among the actives, Shinhan Financial slid 1.69 percent, while KB Financial gave away 1.69 percent, Hana Financial plummeted 1.91 percent, Samsung Electronics tumbled 2.74 percent, LG Display plunged 4.89 percent, LG Electronics lost 1.52 percent, SK Hynix skidded 1.46 percent, Naver dropped 2.07 percent, POSCO contracted 1.62 percent, SK Telecom fell 0.76 percent, Hyundai Motor retreated 2.12 percent, Kia Motors lost 0.35 percent and KEPCO eased 0.19 percent.

The lead from Wall Street is soft as stocks opened lower on Monday as stayed in the red throughout the session.

The Dow shed 115.98 points or 0.43 percent to 26,806.14, while the NASDAQ lost 63.41 points or 0.78 percent to 8,098.38 and the S&P 500 fell 14.46 points or 0.48 percent to 2,975.95.

The weakness on Wall Street partly reflected waning optimism about a near-term interest rate cut following last Friday's much better than expected jobs data.

A drop by Apple (AAPL) also weighed on markets, with the tech giant tumbling by 2.1 percent after a downgrade on the company's stock.

Crude oil futures settled modestly higher Monday amid rising geopolitical tensions and on hopes for monetary easing by the Federal Reserve this month. West Texas Intermediate Crude oil futures for August rose $0.15 or 0.3 percent at $57.66 a barrel.

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