South Korean stock market needs support on Monday

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(RTTNews) – The South Korean stock market has fallen in three consecutive sessions, losing nearly 80 points or 2.6% along the way. KOSPI now sit just above the 2,970 points plateau, although they are close to ending their losing streak on Monday.

The global outlook for Asian markets is upbeat ahead of this week’s FOMC meeting and supported by crude oil prices. European markets were mixed and US stocks were up and Asian markets should follow the latter lead.

The KOSPI ended sharply lower on Friday following losses in financial stocks, technology stocks, industrials and chemical companies.

For the day, the index fell 38.87 points or 1.29% to end at 2,970.68 after trading between 2,965.40 and 3,030.17. The volume was 535.48 million shares worth 10.789 trillion won. There were 663 refusals and 210 winners.

Among assets, Shinhan Financial fell 0.91%, while KB Financial fell 2.08%, Hana Financial fell 0.77%, Samsung Electronics fell 1.27%, LG Electronics fell down 1.23%, SK Hynix plunged 3.29%, Naver weakened 1.45%, LG Chem surrendered. 1.65%, Lotte Chemical was down 1.97%, S-Oil was up 0.99%, SK Innovation was down 0.41%, POSCO was down 1.66%, KEPCO was down 0, 44%, Hyundai Motor lost 0.95%, Kia Motors slipped 1.05% and SK Telecom and Kakao were unchanged. .

Wall Street’s advance is positive as major averages shrugged off a lower open on Friday, gaining momentum as the session progressed and ending firmly in the green.

The Dow Jones added 89.08 points or 0.25% to end at 35,819.56, while the NASDAQ gained 50.27 points or 0.33% to close at 15,498.39 and the S&P 500 rose down 8.96 points or 0.19% to end at 4,605.38. For the week, the NASDAQ jumped 2.7%, the S&P 1.3% and the Dow Jones 0.4%.

A negative reaction to quarterly results from tech giants Apple (AAPL) and Amazon (AMZN) contributed to early weakness on Wall Street.

But selling pressure eased during the session as traders were reluctant to make significant bets ahead of the Federal Reserve’s monetary policy meeting this week. The Fed is expected to leave interest rates unchanged, but may announce its intention to start scaling back its asset purchase program.

In economic news, the Commerce Department said personal income fell more than expected in September. Additionally, the University of Michigan said consumer confidence in the United States deteriorated slightly less than originally expected in October.

Crude oil futures traded higher on Friday on hopes that OPEC and its allies will decide to keep supply levels tight. West Texas International crude oil futures for December rose $0.76 or 0.9% to $83.57 a barrel; WTI crude futures gained more than 11% in October.

Closer to home, South Korea will provide October import, export and trade balance data later today. Imports are expected to rise 40.1% year on year after jumping 31% in September. Exports are called higher by 27% annually, compared to 16.7% the previous month. The trade surplus in September was $4.20 billion.

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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