South Korea Shares May End Losing Streak

(RTTNews) - The South Korea stock market has finished lower in back-to-back sessions, sinking more than 40 points or 1.7 percent along the way. The KOSPI now rests just above the 2,625-point plateau although it may find traction on Wednesday.

The global forecast for the Asian markets is murky and flat ahead of key economic data later this week. The European and U.S. markets were mixed and little changed and the Asian markets figure to open in similar fashion.

The KOSPI finished modestly lower on Tuesday following losses from the chemicals and industrials, while the financials and technology stocks were mixed.

For the day, the index shed 22.03 points or 0.83 percent to finish at 2,625.05 after trading between 2,619.38 and 2,654.76. Volume was 567.4 million shares worth 12.4 trillion won. There were 745 decliners and 149 gainers.

Among the actives, Shinhan Financial rallied 1.57 percent, while KB Financial eased 0.16 percent, Hana Financial jumped 1.67 percent, Samsung Electronics rose 0.14 percent, Samsung SDI tanked 2.56 percent, LG Electronics stumbled 2.14 percent, SK Hynix plunged 4.94 percent, Naver perked 0.05 percent, LG Chem retreated 1.38 percent, Lotte Chemical fell 0.32 percent, S-Oil advanced 0.83 percent, SK Innovation declined 1.82 percent, POSCO slumped 1.27 percent, SK Telecom skidded 1.13 percent, Hyundai Mobis surrendered 3.11 percent, Hyundai Motor dipped 0.21 percent and Kia Motors tumbled 1.75 percent.

The lead from Wall Street is uninspired as the major averages opened mixed on Tuesday and ended little changed and on opposite sides of the line.

The Dow slumped 96.82 points or 0.25 percent to finish at 38,972.41, while the NASDAQ added 59.05 points or 0.37 percent to close at 16,035.30 and the S&P 500 rose 8.65 points or 0.17 percent to end at 5,078.18.

Traders stuck to the sidelines ahead of the release of some key economic data later this week, including a closely watched inflation reading.

The inflation data could have a notable impact on the outlook for interest rates, as Fed officials have said they need greater confidence inflation is slowing before cutting rates.

In economic news, the Commerce Department noted a substantial decrease in new orders for U.S. manufactured durable goods in January. Also, the Conference Board released a report showing an unexpected deterioration in U.S. consumer confidence in February.

Oil prices moved higher Tuesday on supply concerns due to the disruptions in the Red Sea route and amid uncertainty about a cease-fire in the Israel-Hamas war. West Texas Intermediate Crude oil futures for April ended higher by $1.29 or 1.66 percent at $78.87 a barrel.