Losing Streak Likely To Continue For South Korea Bourse

The South Korea stock market has finished lower in three straight sessions, sinking more than 90 points or 2.9 percent along the way. The KOSPI now rests just above the 3,110-point plateau and it may extend its losses on Friday.

The global forecast for the Asian markets is mixed to lower, thanks to coronavirus concerns and sinking crude oil prices. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The KOSPI finished sharply lower on Thursday with damage across the board - especially from the technology, oil, chemical and industrial stocks.

For the day, the index dropped 48.29 points or 1.53 percent to finish at 3,114.70 after trading between 3,111.49 and 3,158.60. Volume was 910 million shares worth 17.3 trillion won. There were 655 decliners and 214 gainers.

Among the actives, Shinhan Financial collected 0.39 percent, while KB Financial declined 1.33 percent, Hana Financial fell 0.45 percent, Samsung Electronics skidded 1.31 percent, LG Electronics plummeted 1.74 percent, SK Hynix tanked 2,83 percent, Naver tumbled 2.56 percent, Kakao plunged 7.22 percent, LG Chem dropped 1.06 percent, Lotte Chemical weakened 1.58 percent, S-Oil surrendered 2.03 percent, SK Innovation lost 1.79 percent, POSCO shed 0.55 percent, KEPCO sank 1.07 percent, Hyundai Motor retreated 2.11 percent, Kia Motors was down 1.60 percent and SK Telecom was unchanged.

The lead from Wall Street is negative as the major averages opened higher on Thursday but fell into the red midway through the session and ended that way.

The Dow dropped 151.69 points or 0.43 percent to finish at 34,879.38, while the NASDAQ shed 38.38 points or 0.25 percent to close at 15,248.25 and the S&P 500 fell 20.79 points or 0.46 percent to end at 4,493.28.

The early strength on Wall Street came after the Labor Department released a report showing a bigger than expected decrease in first-time claims for U.S. unemployment benefits last week.

Buying interest waned over the course of the session, however, with traders expressing continued concerns about the impact of the rapid spread of the delta variant of the coronavirus.

Uncertainty about the outlook for monetary policy also weighed on the markets ahead of the next Federal Reserve meeting later this month.

Crude oil futures settled sharply lower Thursday, weighed down by reports that China is looking to release some crude stock from its national reserve. West Texas Intermediate Crude oil futures for October ended down by $1.16 or 1.7 percent at $68.14 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT