KOSPI May Extend Losing Streak On Monday

(RTTNews) - The South Korea stock market has moved lower in three straight sessions, sinking more than 55 points or 2.3 percent along the way. The KOSPI now rests just above the 2,465-point plateau and it's likely to open under pressure again on Monday.

The global forecast for the Asian markets is broadly negative on trade war concerns after China announced retaliatory tariffs on U.S. goods in reaction to President Donald Trump's new levies. The European and U.S. markets were sharply lower and the Asian bourses are also expected to open under pressure. The KOSPI finished modestly lower again on Friday, again weighed down by the exporters in the face of new tariffs. Chemical companies were up on bargain hunting.

For the day, the index dropped 21.28 points or 0.86 percent to finish at 2,465.42 after trading between 2,438.02 and 2,506.71. Volume was 690.4 million shares worth 10.7 trillion won. There were 560 gainers and 328 decliners. Among the actives, Shinhan Financial slumped 1.05 percent, while KB Financial collected 0.78 percent, Hana Financial shed 0.51 percent, Samsung Electronics stumbled 2.60 percent, Samsung SDI rallied 4.15 percent, LG Electronics eased 0.14 percent, SK Hynix plummeted 6.37 percent, Naver fell 0.40 percent, LG Chem soared 4.13 percent, Lotte Chemical jumped 1.84 percent, SK Innovation spiked 2.53 percent, POSCO improved 0.74 percent, SK Telecom gained 0.72 percent, KEPCO accelerated 2.33 percent, Hyundai Mobis lost 0.38 percent, Hyundai Motor skidded 1.03 percent and Kia Motors retreated 1.21 percent.

The lead from Wall Street remains brutal as the major averages opened with heavy losses and remained deep in the red throughout the session.

The Dow plummeted 2,231.07 points or 5.50 percent to finish at 38,314.86, while the NASDAQ tumbled 962.82 points or 5.82 percent to close at 15,587.79 and the S&P 500 plunged 322.44 points or 5.97 percent to end at 5,074.08.

The extended nosedive on Wall Street came amid ongoing concerns about a global trade war, triggered by the tariff polices Trump announced last week.

China announced a 34 percent tariff will be imposed on all imported goods from the U.S. as of April 10, while Canada and the European Union are also preparing countermeasures.

Federal Reserve Chair Jerome Powell said in remarks that the tariff increases will be significantly larger than expected and the same is likely to be true of the economic effects, which will include higher inflation and slower growth.

Crude oil prices showed another substantial move to the downside on Friday on continuing concerns about the impact a global trade war will have on fuel demand. West Texas Intermediate for May delivery plunged $4.95 or 7.4 percent to $62 a barrel, a three-year low.