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South Korea Bourse May Spin Its Wheels On Monday

The South Korea stock market has finished higher in back-to-back trading days, gathering almost 30 points or 1.5 percent along the way. The KOSPI now rests just above the 1,935-point plateau although it may run out of steam on Monday.

The global forecast for the Asian markets is negative on perpetual trade concerns between the United States and China. The European and U.S. markets were down on Friday and the Asian bourses are expected to open in similar fashion.

The KOSPI finished modestly higher on Friday as gains from the technology stocks and automobile producers were capped by weakness from the financial sector.

For the day, the index advanced 17.14 points or 0.89 percent to finish at 1,937.75 after trading between 1,936.14 and 1,946.94. Volume was 644 million shares worth 4.91 trillion won. There were 525 gainers and 299 decliners.

Among the actives, Shinhan Financial shed 0.36 percent, while Hana Financial fell 0.30 percent, Samsung Electronics and LG Electronics both climbed 1.17 percent, LG Display tumbled 1.92 percent, SK Hynix jumped 1.38 percent, POSCO perked 1.71 percent, SK Telecom rose 0.62 percent, KEPCO dropped 0.98 percent, Hyundai Motors spiked 1.92 percent, Kia Motors advanced 0.93 percent and KB Financial was unchanged.

The lead from Wall Street is soft as stocks opened lower Friday, made back some ground as the day progressed but still ended in the red.

The Dow shed 90.76 points or 0.34 percent to finish at 26,287.44, while the NASDAQ lost 80.02 points or 1.00 percent to 7,959.14 and the S&P 500 fell 19.44 points or 0.66 percent to 2,918.65. For the week, the Dow shed 0.7 percent, the NASDAQ lost 0.6 percent and the S&P fell 0.5 percent.

The weakness on Wall Street came after President Donald Trump told reporters the U.S. is not going to do business with Chinese tech giant Huawei. Trump also indicated he is not ready to make a trade deal with China, suggesting the U.S. could skip the next round of trade talks in September.

In U.S. economic news, the Labor Department noted a modest increase in producer prices in July.

Crude oil prices rose sharply on Friday, extending recent gains on reports Saudi Arabia will cut crude exports next month. West Texas Intermediate Crude oil futures for September ended up $1.96 or 3.7 percent at $54.50 a barrel.

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