KOSPI Predicted To Extend Losing Streak On Monday

(RTTNews) - The South Korea stock market has moved lower in three straight sessions, dropping more than 65 points or 2.8 percent along the way. The KOSPI now rests just beneath the 2,400-point plateau and it's likely to take further damage on Monday.

The global forecast for the Asian markets is broadly negative on concerns over the outlook for interest rates, while financial shares are especially likely to fall under pressure. The European and U.S. markets finished sharply lower and the Asian markets are tipped to open in similar fashion.

The KOSPI finished sharply lower on Friday following losses from the financials, chemicals, technology stocks and industrials.

For the day, the index dropped 24.50 points or 1.01 percent to finish at 2,394.59. Volume was 403.7 million shares worth 7.72 trillion. There were 785 decliners and 117 gainers.

Among the actives, Shinhan Financial retreated 1.65 percent, while KB Financial tumbled 1.97 percent, Hana Financial declined 1.29 percent, Samsung Electronics skidded 1.00 percent, Samsung SDI gained 0.68 percent, LG Electronics weakened 1.11 percent, SK Hynix tanked 2.69 percent, Naver was down 1.09 percent, LG Chem fell 0.42 percent, Lotte Chemical slumped 1.61 percent, S-Oil added 0.37 percent, SK Innovation surged 5.22 percent, POSCO shed 0.62 percent, SK Telecom stumbled 1.89 percent, KEPCO rose 0.23 percent, Hyundai Mobis surrendered 1.59 percent, Hyundai Motor sank 0.74 percent and Kia Motors eased 0.13 percent.

The lead from Wall Street suggests consolidation as the major averages spent the morning session relatively unchanged but plummeted in the afternoon, finishing near session lows.

The Dow plummeted 345.26 points or 1.07 percent to finish at 31,909.64, while the NASDAQ tumbled 199.51 points or 1.76 percent to close at 11,138.89 and the S&P 500 slumped 56.73 points or 1.45 percent to end at 3,861.59.

The weakness on Wall Street came as concerns about the potential fallout from the implosions of Silicon Valley Bank (SVB) and Silvergate Capital triggered a sell-off in the financial sector.

Investors also digested the crucial non-farm payroll data for the month of February. The data showing an acceleration in U.S. job growth raised concerns the Fed will continue to remain aggressive with regard to interest rate hikes.

Crude oil prices climbed higher on Friday on Russia's decision to trim oil output by 500,000 barrels per day in March. West Texas Intermediate Crude oil futures for April ended higher by $0.96 or 1.3 percent at $76.68 a barrel, rebounding after three successive days of losses.