South Korea Stock Market Tipped To Extend Losing Streak

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(RTTNews) – The South Korea stock market has finished lower in two straight sessions, sinking more than 35 points or 1.1 percent along the way. The KOSPI now sits just above the 3,180-point plateau and it’s tipped to open in the red again on Thursday.

The global forecast for the Asian markets is mixed to lower on mixed earnings news and rising crude oil prices. The European markets were up and the U.S. bourses were down and the Asian markets figure to split the difference.

The KOSPI finished sharply lower on Wednesday following losses from the technology and chemical companies, while the financials were up and the oil and auto stocks were mixed.

For the day, the index dropped 33.95 points or 1.06 percent to finish at 3,181.47 after trading between 3,176.55 and 3,219.69. Volume was 1.4 billion shares worth 18 trillion won. There were 699 decliners and 193 gainers.

Among the actives, Shinhan Financial climbed 1.41 percent, while Hana Financial collected 1.14 percent, Samsung Electronics dropped 0.97 percent, LG Electronics surrendered 1.80 percent, SK Hynix plunged 3.70 percent, Naver tumbled 1.71 percent, LG Chem eased 0.11 percent, Lotte Chemical fell 0.33 percent, S-Oil surged 4.61 percent, SK Innovation plummeted 3.74 percent, POSCO retreated 1.32 percent, SK Telecom shed 0.63 percent, KEPCO declined 1.82 percent, Hyundai Motor added 0.68 percent, Kia Motors lost 0.61 percent and KB Financial was unchanged.

The lead from Wall Street is soft as stocks saw a lack of direction on Wednesday, bouncing back and forth across the unchanged line before ending modestly lower.

The Dow shed 164.55 points or 0.48 percent to finish at 33,820.38, while the NASDAQ lost 39.19 points or 0.28 percent to end at 14,051.03 and the S&P 500 fell 3.54 points or 0.08 percent to close at 4,183.18.

Stocks initially lacked direction as traders looked ahead to the Federal Reserve’s monetary policy announcement, although the choppy trading continued after the Fed announced its widely expected decision to maintain ultra-easy policy.

The Fed left interest rates and asset purchases unchanged even as the central bank upgraded its assessment of the U.S.