Losing Streak May Continue For South Korea Shares

(RTTNews) - The South Korea stock market has finished lower in back-to-back sessions, dropping more than 20 points or 0.8 percent along the way. The KOSPI now rests just above the 2,600-point plateau although it's likely to slip beneath that support on Wednesday.

The global forecast for the Asian markets is cautious on concerns for the outlook for interest rates. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

The KOSPI finished slightly lower on Tuesday following losses from the industrials and oil companies, while the financials and chemicals were mixed.

For the day, the index dipped 4.59 points or 0.18 percent to finish at 2,604.91. Volume was 712.8 million shares worth 10.7 trillion won. There were 545 decliners and 325 gainers.

Among the actives, Shinhan Financial collected 0.14 percent, while KB Financial shed 0.62 percent, Hana Financial lost 0.61 percent, Samsung Electronics rose 0.28 percent, Samsung SDI plunged 1.82 percent, LG Electronics slumped 0.96 percent, SK Hynix improved 1.13 percent, Naver was down 0.05 percent, LG Chem tumbled 1.73 percent, Lotte Chemical spiked 2.49 percent, S-Oil retreated 1.64 percent, SK Innovation tanked 2.33 percent, POSCO stumbled 1.66 percent, SK Telecom eased 0.11 percent, KEPCO fell 0.58 percent, Hyundai Mobis dropped 1.35 percent, Hyundai Motor declined 0.70 percent and Kia Motors sank 0.73 percent.

The lead from Wall Street is soft as the major averages opened lower on Tuesday and stayed in the red throughout the session.

The Dow tumbled 245.25 points or 0.72 percent to finish at 34,053.87, while the NASDAQ dipped 22.28 points or 0.16 percent to end at 13,667.29 and the S&P 500 fell 20.88 points or 0.47 percent to close at 4,388.71.

The early weakness on Wall Street came as traders continued to cash in on recent strength in the markets, which lifted the NASADAQ and the S&P 500 to their best levels in over a year last week.

Selling pressure waned over the course of the session, however, as traders look ahead to congressional testimony by Federal Reserve Chair Jerome Powell later today regarding the outlook for interest rates.

On the U.S. economic front, the Commerce Department said new residential construction in the U.S. unexpectedly skyrocketed in May, while building permits also jumped more than expected.

Crude oil prices fell on Tuesday amid concerns that further tightening by the Federal Reserve and other central banks may impact global economic growth and weighed on oil prices. West Texas Intermediate Crude oil futures for August ended down $0.74 at $71.19 a barrel.