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Losses May Accelerate For South Korea Stock Market

The South Korea stock market on Monday halted the two-day winning streak in which it had surged more than 180 points or 6 percent to a fresh record closing high. The KOSPI sits just beneath the 3,150-point plateau and it's likely to extend its losses on Tuesday.

The global forecast for the largely overbought Asian markets is negative, with profit taking expected to limit any upside. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.

The KOSPI finished slightly lower on Monday as losses from the financial shares and technology stocks were mitigated by support from the Automobile producers.

For the day, the index eased 3.73 points or 0.12 percent to finish at 3,148.45 after trading between 3,096.19 and 3,266.23. Volume was 1.7 billion shares worth 44.1 trillion won. There were 712 decliners and 170 gainers.

Among the actives, Shinhan Financial tanked 2.23 percent, while KB Financial retreated 1.29 percent, Samsung Electronics rallied 2.48 percent, LG Electronics sank 3.73 percent, SK Hynix lost 3.62 percent, Samsung SDI skidded 1.22 percent, LG Chem eased 0.10 percent, Lotte Chemical plummeted 4.49 percent, S-Oil surrendered 2.94 percent, SK Innovation soared 3.89 percent, POSCO plunged 3.57 percent, SK Telecom tumbled 2.83 percent, KEPCO declined 2.41 percent, Hyundai Motor skyrocketed 8.74 percent, Kia Motors spiked 2.64 percent and Hana Financial was unchanged.

The lead from Wall Street is soft as stocks opened in the red on Monday, made back a bit of ground but still ended firmly in the red.

The Dow skidded 89.28 points or 0.29 percent to finish at 31,008.69, while the NASDAQ tumbled 165.54 points or 1.25 percent to end at 13,036.43 and the S&P 500 lost 25.07 points or 0.66 percent to close at 3,799.61.

Profit taking contributed to the initial weakness on Wall Street after the major averages climbed to new record closing highs last Friday as traders cashed in on recent gains.

Concerns about developments in Washington also weighed on stocks as Democrats prepare another attempt to remove President Donald Trump from office. House Democrats are preparing to once again impeach Trump even though the president has less than two weeks left in his term.

Crude oil futures settled flat on Monday as rising coronavirus cases and tighter lockdown measures across the world raised concerns about outlook for energy demand. West Texas Intermediate Crude oil futures for February settled at $52.25 a barrel, up 1 cent from the previous close.

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