South Korea Bourse Poised To Extend Losing Streak

(RTTNews) – The South Korea stock market has finished lower in four straight sessions, dropping more than 65 points or 2.1 percent along the way. The KOSPI now sits just beneath the 3,150-point plateau and it’s looking at another soft start again on Monday.

The global forecast for the Asian markets suggests consolidation on sliding crude oil prices and another local surge in coronavirus cases. The European markets were mixed and the U.S. bourses were down and the Asian markets are also tipped to open in the red.

The KOSPI finished modestly lower on Friday as losses from the technology stocks and industrials were tempered by support from the financial sector.

For the day, the index dropped 26.21 points or 0.83 percent to finish at 3,147.86 after trading between 3,143.38 and 3,179.43. Volume was 1.3 billion shares worth 18.7 trillion won. There were 534 decliners and 339 gainers.

Among the actives, Shinhan Financial climbed 1.27 percent, while KB Financial collected 1.48 percent, Hana Financial jumped 1.90 percent, Samsung Electronics fell 0.24 percent, LG Electronics shed 2.78 percent, SK Hynix retreated 1.54 percent, Samsung SDI plunged 2.68 percent, Naver tumbled 1.91 percent, LG Chem sank 2.00 percent, Lotte Chemical lost 1.14 percent, S-Oil dropped 1.02 percent, SK Innovation surrendered 1.64 percent, POSCO declined 2.41 percent, KEPCO skidded 1.25 percent, Hyundai Motor tanked 2.53 percent, Kia Motors plummeted 2.90 percent and SK Telecom and Hyundai Mobis were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Friday and remained in the red throughout the trading day.

The Dow dropped 185.51 points or 0.54 percent to finish at 33,874.85, while the NASDAQ sank 119.86 points or 0.85 percent to end at 13,962.68 and the S&P 500 lost 30.30 points or 0.72 percent to close at 4,181.17.

For the week, the S&P 500 was nearly flat, while the Dow and the NASDAQ fell 0.5 percent and 0.4 percent, respectively. For the month, the NASDAQ spiked 5.4 percent, the S&P jumped 5.2 percent and the Dow climbed 2.7 percent.

The pullback on Friday reflected profit taking and a reaction to mixed earnings news from the likes of Twitter (TWTR), Chevron (CVX) and Exxon Mobil (XOM).

In economic news, the Commerce Department showing personal income skyrocketed in March, while the University of Michigan said consumer sentiment in the U.S. improved more than estimated in April.

Crude oil prices drifted lower on Friday, coming off six-week highs as worries about energy demand resurfaced amid a continued surge in coronavirus cases in Asia. West Texas Intermediate Crude oil futures for June ended down $1.43 or 2.2 percent at $63.58 a barrel.

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