Plus   Neg

South Korea Bourse May Snap Losing Streak

The South Korea stock market has finished lower in two straight sessions, sliding almost 25 points or 1.2 percent along the way. The KOSPI now rests just beneath the 2,070-point plateau although it's expected to find traction on Thursday.

The global forecast for the Asian markets is firm on renewed optimism for a resolution to the trade spat between the United States and China. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The KOSPI finished modestly lower on Wednesday following losses from the technology stocks and a mixed performance from the financials and automobile producers.

For the day, the index sank 15.18 points or 0.73 percent to finish at 2,068.89 after trading between 2,057.45 and 2,072.91.

Among the actives, Shinhan Financial shed 0.23 percent, while KB Financial collected 0.44 percent, Hana Financial lost 0.56 percent, Samsung Electronics shed 0.90 percent, LG Electronics fell 0.53 percent, LG Chem plummeted 4.20 percent, SK Hynix skidded 1.27 percent, POSCO tumbled 1.73 percent, SK Telecom skidded 1.44 percent, KEPCO soared 2.63 percent, Hyundai Motors added 0.41 percent and Kia Motors eased 0.12 percent.

The lead from Wall Street is upbeat as moved higher on Wednesday, recovering losses from the past few sessions.

The Dow added 146.97 points or 0.53 percent to finish at 27,649.78, while the NASDAQ gained 46.03 points or 0.54 percent to 8,566.67 and the S&P 500 rose 19.56 points or 063 percent to 3,112.76.

The rebound on Wall Street followed reports that the U.S. and China are moving closer to agreeing on the number of tariffs that would be rolled back in a phase one trade deal. The report added that U.S. negotiators expect a deal to be completed before U.S. tariffs are set to rise next week.

Renewed optimism about a potential trade deal offset negative sentiment generated by soft economic data, including a report from payroll processor ADP showing much weaker than expected private sector job growth in November.

Crude oil prices showed a substantial move to the upside during Wednesday as traders looked ahead to the start of OPEC's biannual meeting later today in Vienna. After inching up $0.14 or 0.3 percent to $56.10 a barrel on Tuesday, crude for January spiked $2.33 or 4.2 percent to $58.43 a barrel.

Closer to home, South Korea will see October results for current account later this morning; in September, the surplus was $66.89 billion.

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