Continued consolidation requested for KOSPI
(RTTNews) – South Korea’s stock market fell again on Friday, a day after ending a three-day losing streak in which it fell nearly 130 points or 4.9%. KOSPI is now just above the plateau of 2,660 points and it could take further damage on Monday.
The global forecast for Asian markets is weak due to rising crude oil prices and falling tech stocks. European markets were up and US stock markets were down and Asian markets should follow the latter lead.
The KOSPI ended slightly lower on Friday as losses in tech and industrials were mitigated by support from the financial sector.
For the day, the index lost 19.04 points or 0.71% to end at 2,661.28 after trading between 2,647.28 and 2,672.62. The volume was 788 million shares worth 12.1 trillion won. There were 585 winners and 274 decliners.
Among assets, Shinhan Financial collected 0.67%, while KB Financial gained 0.73%, Hana Financial jumped 1.97%, Samsung Electronics fell 1.69%, LG Electronics rebounded 1. .24%, SK Hynix fell 2.50%, Naver fell 0.45%, LG Chem cratered 4.93%. percent, Samsung SDI crashed 4.37 percent, Lotte Chemical rose 1.78 percent, S-Oil fell 4.31 percent, SK Innovation plunged 2.96 percent, POSCO lost 0.53 percent, SK Telecom rose 0.18 percent, KEPCO climbed 1.43 percent, Kia Motors fell 0.99 percent and Hyundai Motor was unchanged.
Wall Street’s lead is negative as major averages opened higher on Friday but were unable to hold their gains and ended firmly in the red.
The Dow Jones slipped 229.91 points or 0.69% to end at 32,944.19, while the NASDAQ fell 286.19 points or 2.18% to end at 12,843.81 and the S&P 500 fell 55.21 points or 1.30% to close at 4,204.31. For the week, the Dow Jones lost 2%, the NASDAQ lost 3.5% and the S&P fell 2.9%.
Growing concerns over the economic impact of the Russian invasion of the war in Ukraine and the various sanctions imposed on Russia by the United States and Western allies have turned the mood bearish.
In economic news, the University of Michigan noted a bigger than expected decline in US consumer sentiment in March. The report also showed that one-year inflation expectations jumped to 5.4% in March from 4.9% in February, while five-year inflation expectations held steady at 3.0%. .
Crude oil prices rose on Friday on worries about supply disruptions amid uncertainty over any meaningful progress in talks between Russia and Ukraine. West Texas Intermediate crude oil futures for April ended up $3.31 or 3.1% at $109.33 a barrel. WTI crude futures lost 5.5% during the week.
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