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Tech Shares Likely To Boost South Korea Shares

The South Korea stock market has tracked lower in consecutive trading days, dropping almost 60 points or 3 percent along the way. The KOSPI now rests just above the 2,050-point plateau although it's expected to get a lift from bargain hunting on Wednesday.

The global forecast for the Asian markets is mixed and flat on concerns over the outlook for interest rates. The European markets were down and the U.S. bourses were mixed and the Asian markets are tipped to follow the latter lead.

The KOSPI finished modestly lower on Tuesday following losses from the financials and industrials, while the technology stocks were mixed.

For the day, the index sank 12.14 points or 0.59 percent to finish at the daily low of 2,052.03 after peaking at 2,075.30. Volume was 433 million shares worth 4.36 trillion won. There were 647 decliners and 195 gainers.

Among the actives, KB Financial fell 0.57 percent, while Hana Financial retreated 1.11 percent, Samsung Electronics jumped 1.58 percent, LG Electronics lost 1.26 percent, LG Display dipped 0.30 percent, SK hynix soared 3.56 percent, Naver tumbled 2.53 percent, POSCO dropped 1.03 percent, SK Telecom skidded 2.11 percent, KEPCO sank 1.73 percent, Hyundai Motor shed 0.72 percent, Kia Motors added 0.23 percent and Shinhan Financial was unchanged.

The lead from Wall Street is cautiously optimistic as stocks opened lower on Tuesday but recovered to finish mixed.

The Dow shed 22.65 points or 0.08 percent to 26,783.49, while the NASDAQ added 43.35 points or 0.54 percent to 8,141.73 and the S&P 500 rose 3.68 points or 0.12 percent to 2,979.63.

Traders seemed reluctant to make significant moves ahead of Congressional testimony by Federal Reserve Chairman Jerome Powell later today. The Fed chief is not likely to specifically lay out the central bank's plans to lawmakers, but traders will analyze his comments for clues about the outlook for rates.

Wednesday will also see the release of the minutes of the Fed's last monetary policy meeting, which may shed additional light on the central bank's decision to make notable changes to its accompanying statement.

Crude oil futures settled higher Tuesday as traders weighed crude demand and supply prospects ahead of weekly inventory data. West Texas Intermediate Crude oil futures for August ended up $0.17 or 0.3 percent at $57.83 a barrel.

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