KOSPI Poised To Extend Wednesday's Losses

RTTNews | hace 993
KOSPI Poised To Extend Wednesday's Losses

(RTTNews) - The South Korea stock market headed south again on Wednesday, one day after snapping the four-day losing streak in which it had tumbled almost 100 points or 4.2 percent. The KOSPI now rests just beneath the 2,350-point plateau and it may take further damage on Thursday.

The global forecast for the Asian markets is soft on renewed recession fears following another big rate hike from the FOMC. The European markets were up and the U.S. bourses were down and the Asian markets are tipped to follow the latter lead.

The KOSPI finished modestly lower on Wednesday following losses from the financial shares, technology stocks and industrials.

For the day, the index dropped 20.64 points or 0.87 percent to finish at 2,347.21 after trading between 2,341.79 and 2,360.27. Volume was 367.1 million shares worth 6.2 trillion won. There were 580 decliners and 279 gainers.

Among the actives, Shinhan Financial skidded 1.09 percent, while KB Financial surrendered 2.30 percent, Hana Financial retreated 1.79 percent, Samsung Electronics dropped 0.90 percent, Samsung SDI tanked 2.37 percent, LG Electronics stumbled 1.90 percent, Naver tumbled 2.29 percent, LG Chem was down 0.79 percent, Lotte Chemical declined 1.73 percent, SK Innovation fell 0.28 percent, POSCO shed 0.63 percent, SK Telecom eased 0.19 percent, KEPCO gained 0.77 percent, Hyundai Mobis slumped 1.62 percent, Hyundai Motor lost 0.76 percent, Kia Motors sank 0.87 percent and SK Hynix and S-Oil were unchanged.

The lead from Wall Street ends up negative as the major averages were steady throughout Wednesday session until the FOMC's rate decision sent them tumbling, closing near daily lows.

The Dow plummeted 522.45 points or 1.70 percent to finish at 30,183.78, while the NASDAQ tumbled 204.86 points or 1.79 percent to close at 11,220.19 and the S&P sank 66.00 points or 1.71 percent to end at 3,789.93.

The late-day volatility came after the Fed raised interest rates by another three-quarters of a percentage point and signaled further aggressive rate hikes for the remainder of the year.

Citing its dual goals of maximum employment and inflation at a rate of 2 percent over the longer run, the Fed decided to raise its target range for the federal funds rate by 75 basis points to 3 to 3.25 percent.

The move marks the third straight 75 basis point rate hike by the Fed and lifts rates to their highest level since early 2008. With inflation remaining elevated, the Fed also said it expects that ongoing interest rate increases will be appropriate.

Crude oil prices drifted lower Wednesday amid concerns about the outlook for energy demand after the Federal Reserve's announcement of a sharp hike in interest rates raised fears about a recession. West Texas Intermediate Crude oil futures for November ended lower by $1.00 or 1.2 percent at $82.94 a barrel.

read more
Asian Shares Climb On Trade Talk Optimism

Asian Shares Climb On Trade Talk Optimism

Asian stocks advanced on Wednesday after top U.S. and Chinese officials said they have reached a framework to implement the Geneva consensus, following two days of discussions in London.
RTTNews | hace 47 minutos
Commodity Currencies Slide Amid Crude Oil Price Drop

Commodity Currencies Slide Amid Crude Oil Price Drop

The commodity currencies such as the Australia, the New Zealand and the Canadian dollars weakened against their major currencies in the Asian session on Wednesday amid crude oil price drop, as markets awaited the outcome of US-China trade talks, which have yet to be approved by President Donald Trump, with China's poor oil demand and OPEC+ output increases weighing on the market.
RTTNews | hace 1h 14min
Sensex, Nifty Marginally Higher In Lackluster Trade

Sensex, Nifty Marginally Higher In Lackluster Trade

Indian shares were marginally higher on Wednesday after top U.S. and Chinese officials agreed on a "framework" to move forward on trade, following two days of high-level talks in London.
RTTNews | hace 4h 56min
Australian Market Trims Early Gains In Mid-market

Australian Market Trims Early Gains In Mid-market

The Australian market is trimming its early gains in mid-market moves on Wednesday, but extending the gains in the previous session, with the benchmark S&P/ASX 200 moving above the 8,600 level to fresh all-time highs, following the positive cues from Wall Street overnight, with gains in iron ore miners, energy and financial stocks partially offset by weakness in gold miners and technology stocks.
RTTNews | hace 5h 57min
Asian Markets Track Wall Street Higher

Asian Markets Track Wall Street Higher

Asian stock markets are trading mostly higher on Wednesday, following the broadly positive cues from Wall Street overnight, amid easing trade war tensions after top U.S. and Chinese officials agreed upon a "framework" to move forward on trade, following two days of high-level talks in London. The framework will first need to be approved by leaders in Washington and Beijing.
RTTNews | hace 6h 22min
Sensex, Nifty Set For Muted Start

Sensex, Nifty Set For Muted Start

Indian shares are seen opening little changed on Wednesday despite top U.S. and Chinese officials agreeing on a "framework" to move forward on trade, following two days of high-level talks in London.
RTTNews | hace 6h 51min