South Korean stock market set to end losing streak

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(RTTNews) – The South Korean stock market ended lower for two consecutive trading days, losing nearly 75 points or 2.3% along the way. KOSPI now sits just above the 3,060 point plateau, although it is likely to find some ground on Thursday.

Global forecasts for Asian markets are cautiously optimistic, although the rise may be limited by weakness in oil and tech stocks. European markets were up and US stock markets were mixed and Asian markets were counting to divide the difference.

KOSPI ended sharply lower on Wednesday following losses at tech, steel and chemical companies, while financial data was mixed.

For the day, the index slipped 37.65 points or 1.22% to end at 3,060.27 after trading between 3,030.60 and 3,069.04. The volume was 812 million shares valued at 15 trillion won. There were 676 declining and 215 winning.

Among assets, Shinhan Financial lost 0.75%, while KB Financial collected 1.28%, Hana Financial fell 0.33%, Samsung Electronics fell 2.88%, LG Electronics sank 2 , 26%, SK Hynix dipped 3.38%, Naver slipped 1.40%, LG Chem was down 1.16%, Lotte Chemical fell 2.66%, S-Oil fell 2, 61%, SK Innovation jumped 1.72%, POSCO fell 1.20%, SK Telecom climbed 1.11%, KEPCO added 0.42%, Kia Motors accelerated 1.62% and Hyundai Motor remained unchanged.

Wall Street’s lead is mixed as the main averages opened up on Wednesday; the Dow Jones and the S&P remained in the green throughout the session but the NASDAQ ended up underwater.

The Dow Jones climbed 90.73 points or 0.26% to close at 34,390.72, while the NASDAQ lost 34.24 points or 0.24% to close at 14,512.44 and the S&P 500 lost increased 6.83 points or 0.16% to end at 4,359.46.

The volatility on Wall Street came as traders kept a close watch on bond markets following the recent surge in Treasury yields. Stocks initially benefited from lower yields, prompting traders to look for the bargains – but yields edged up during the session, with the ten-year yield hitting a new three-month closing high .

The rally in yields came after Federal Reserve Chairman Jerome Powell warned inflation could be delayed longer than previously thought due to supply chain issues.

On the US economic front, the National Association of Realtors reported that pending home sales skyrocketed more than expected in August.

Crude oil futures moved lower on Wednesday, weighed down by a stronger dollar and an increase in US crude inventories last week. West Texas Intermediate crude oil futures for November fell $ 0.46 or 0.6% to $ 74.83 a barrel.

Closer to home, South Korea will see August data on industrial production and retail sales later this morning. Production is expected to increase 8.2% year on year, compared to 7.9% the previous month. In July, retail sales fell 0.6% year on month and gained 7.9% year on year.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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