South Korea Bourse May Open Under Pressure

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(RTTNews) – The South Korea stock market on Thursday wrote a finish to the two-day losing streak in which it had stumbled almost 30 points or 1.3 percent. The KOSPI now rests just beneath the 2,170-point plateau and it may extend its losses on Friday.

The global forecast for the Asian markets is soft on growing fears of another coronavirus wave. The European markets were down and the U.S. bourses were mostly in the red and the Asian markets figure to open in similar fashion.

The KOSPI finished modestly higher on Thursday following gains from the oil companies, weakness from the financials and industrials and a mixed picture from the technology stocks.

For the day, the index added 9.02 points or 0.42 percent to finish at 2,167.90 after trading between 2,166.74 and 2,181.48. Volume was 609 million shares worth 12.8 trillion won. There were 421 decliners and 417 gainers.

Among the actives, Shinhan Financial shed 0.67 percent, while KB Financial dropped 1.00 percent, Hana Financial retreated 1.12 percent, Samsung Electronics fell 0.38 percent, LG Electronics spiked 1.96 percent, SK Hynix dropped 0.84 percent, LG Chem surged 5.07 percent, Lotte Chemical tumbled 1.98 percent, S-Oil added 0.32 percent, SK Innovation gained 0.37 percent, POSCO skidded 1.05 percent, SK Telecom eased 0.23 percent, KEPCO fell 0.26 percent, Kia Motors declined 1.07 percent and Hyundai Motors was unchanged.

The lead from Wall Street is mixed to lower as stocks spend most of Thursday in the red, although the NASDAQ managed to pull itself into positive territory.

The Dow tumbled 361.19 points or 1.39 percent to finish at 1.39 percent, while the NASDAQ gained 55.25 points or 0.52 percent to end at 10,547.75 and the S&P 500 fell 17.89 points or 0.56 percent to close at 3,152.05.

The weakness on Wall Street came after more than 60,000 new coronavirus cases were reported on Wednesday, the biggest increase ever by a country in a single day. That triggered fears that a re-imposition of lockdown measures will significantly weaken economic recovery chances.

In economic news, the Labor Department showed a bigger than expected decrease in first-time claims for U.S. unemployment benefits last week.

Crude oil prices declined sharply Thursday as a marked surge in the number of coronavirus cases in the U.S. raised fears of another lockdown and triggered concerns about energy demand. West Texas Intermediate Crude oil futures for August sank $1.28 or 3.1 percent at $39.62 a barrel.

A Global Asset Management Seoul Korea Magazine

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