(RTTNews) – The South Korea stock market on Friday snapped the three-day winning streak in which it had spiked almost 150 points or 4.8 percent. The KOSPI now rests just above the 3,140-point plateau and it may be stuck in neutral again on Monday.
The global forecast for the Asian markets is mixed to lower on concerns about the coronavirus and uncertainty about additional stimulus. The European markets were slightly lower and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The KOSPI finished modestly lower on Friday following losses from the financial shares, technology stocks and automobile producers.
For the day, the index shed 20.21 points or 0.64 percent to finish at 3,140.63 after trading between 3,140.60 and 3,185.26. Volume was 1.1 billion shares worth 24 trillion won. There were 476 decliners and 384 gainers.
Among the actives, Shinhan Financial tumbled 1.50 percent, while KB Financial retreated 1.56 percent, Hana Financial declined 2.15 percent, Samsung Electronics skidded 1.48 percent, LG Electronics was down 3.33 percent, SK Hynix tanked 2.28 percent, Samsung SDI skyrocketed 6.31 percent, LG Chem dropped 1.32 percent, Lotte Chemical surrendered 1.87 percent, S-Oil dropped 1.22 percent, SK Innovation advanced 0.72 percent, POSCO plummeted 3.15 percent, SK Telecom lost 0.78 percent, KEPCO sank 2.03 percent, Hyundai Motor plunged 2.84 percent and Kia Motors lost 3.62 percent.
The lead from Wall Street is murky as stocks opened sharply lower on Friday but rebounded to finish mixed and little changed.
The Dow shed 179.03 points or 0.57 percent to finish at 30,996.98, while the NASDAQ rose 12.15 points or 0.09 percent to end at 13,543.06 and the S&P 500 fell 11.60 points or 0.30 percent to close at 3,841.47. For the week, the Dow added 0.6 percent, the NASDAQ jumped 4.2 percent and the S&P rose 1.9 percent.
The lower open on Wall Street came on profit taking following recent gains, as well as uncertainty about President Joe Biden‘s proposed $1.9 trillion coronavirus relief package.
The negative sentiment may have been partly offset by a report from the National Association of Realtors showing an unexpected rebound in existing home sales in December.
Crude oil prices slid on Friday after data showed a rise in U.S. crude inventories in the week ended January 15. Rising coronavirus cases and lockdown measures also raised concerns about the outlook for demand. West Texas Intermediate Crude oil futures sank $0.86 or 1.6 percent at $52.27 a barrel and 0.2 percent for the week.
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