South Korea Stock Market Poised To End Losing Streak

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(RTTNews) – The South Korea stock market has tracked lower in two straight sessions, sliding almost 15 points or 0.6 percent along the way. The KOSPI now rests just above the 2,680-point plateau although it’s likely to stop the bleeding on Wednesday.

The global forecast for the Asian markets is positive on bargain hunting and sliding crude oil prices. The European and U.S. markets were up and the Asian markets figure to follow suit.

The KOSPI finished slightly lower on Tuesday following losses from the industrials and mixed performances from the financials and technology shares.

For the day, the index dipped 6.99 points or 0.26 percent to finish at the daily low of 2,680.46 after peaking at 2,702.10. Volume was 869 million shares worth 9 trillion won. There were 475 decliners and 368 gainers.

Among the actives, Shinhan Financial eased 0.12 percent, while KB Financial collected 0.51 percent, Hana Financial sank 0.75 percent, Samsung Electronics added 0.30 percent, Samsung SDI rallied 2.13 percent, LG Electronics dropped 0.86 percent, SK Hynix lost 0.45 percent, Naver improved 0.36 percent, LG Chem tumbled 1.71 percent, Lotte Chemical shed 0.51 percent, SK Innovation slumped 0.49 percent, POSCO retreated 1.37 percent, SK Telecom strengthened 1.40 percent, KEPCO stumbled 1.34 percent, Hyundai Motor plunged 1.87 percent, Kia Motors skidded 1.07 percent and S-Oil was unchanged.

The lead from Wall Street suggests mild upside as the major averages bounced back and forth across the unchanged line all day on Tuesday before finally ending with modest gains.

The Dow added 67.29 points or 0.20 percent to finish at 33,128.79, while the NASDAQ rose 27.74 points or 0.22 percent to end at 12,563.76 and the S&P 500 gained 20.10 points or 0.48 percent to close at 4,175.48.

Some encouraging earnings updates and strong economic data aided sentiment ahead of the central bank’s policy announcement later today.

The Fed is widely expected to raise interest rate by 50 basis points, the sharpest rate hike in about 22 years. The accompanying statement is eyed for clues about how aggressively the central bank plans to tighten monetary policy.

In economic news, the Commerce Department said new orders for U.S. manufactured goods spiked by more than expected in March. Also, the number of job openings in the U.S. rose by 205,000 from a month earlier to a series high of 11.549 million in March.

Crude oil prices fell sharply Tuesday on rising concerns about the outlook for energy demand. Also, fears of sharp interest rate hikes by the Federal Reserve weighed on oil prices. West Texas Intermediate Crude oil futures for June sank $2.76 or 2.6 percent at $102.41 a barrel.