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South Korea Stock Market May Extend Friday's Losses

The South Korea stock market on Friday snapped the three-day winning streak in which it had collected almost 110 points or 5.3 percent. The KOSPI now rests just above the 2,210-point plateau and it may take further damage on Monday.

The global forecast for the Asian markets is soft, with profit taking likely after last week's rally. The European and U.S. markets were down on Friday and the Asian markets are likely to follow suit.

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

For the day, the index slid 15.99 points or 0.72 percent to finish at 2,211.95 after trading between 2,198.14 and 2,223.92. Volume was 767 million shares worth 6.93 trillion won. There were 490 decliners and 336 gainers.

Among the actives, Shinhan Financial skidded 1.63 percent, while KB Financial tumbled 1.88 percent, Hana Financial sank 1.15 percent, Samsung Electronics dropped 1.15 percent, LG Electronics gained 0.75 percent, Samsung SDI retreated 0.47 percent, SK Hynix lost 1.19 percent, POSCO shed 0.45 percent, SK Telecom dipped 0.22 percent, KEPCO rose 0.20 percent, Hyundai Motors fell 0.76 percent and Kia Motors plunged 1.94 percent.

The lead from Wall Street is negative as stocks spent most of Friday's session in the red, handing back gains from earlier in the week.

The Dow shed 277.26 points or 0.94 percent to end at 29,102.51, while the NASDAQ lost 51.64 points or 0.54 percent to 9,520.51 and the S&P 500 fell 18.07 points or 0.54 percent to 3,327.71.

Profit taking fueled to weakness on Wall Street as traders looked to cash in after the strong upward move in previous days. Lingering concerns about the coronavirus also re-emerged after traders shrugged off the worries about the outbreak to drive stocks higher.

However, selling pressure was subdued following the release of the Labor Department report that showed stronger than expected job growth in January.

Crude oil futures closed lower on Friday as worries about the spread of the coronavirus and its impact on the global economy and energy demand weighed on oil prices. West Texas Intermediate crude oil futures for March ended down $0.63 or 1.2 percent at $50.32 a barrel.

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