Continued Consolidation Called For KOSPI

RTTNews | 740 days ago

(RTTNews) - The South Korea stock market on Wednesday snapped the two-day winning streak in which it had advanced more than 30 points or 1.2 percent. The KOSPI now sits just above the 2,575-point plateau and it may take further damage on Thursday.

The global forecast for the Asian markets is cautious as the debt ceiling situation looks to enter the home stretch. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

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

For the day, the index lost 8.40 points or 0.32 percent to finish at 2,577.12 after trading between 2,575.98 and 2,596.31. Volume was 670.12 million shares worth 14.61 trillion won. There were 558 decliners and 303 gainers.

Among the actives, Shinhan Financial shed 0.43 percent, while KB Financial sank 0.72 percent, Hana Financial collected 0.48 percent, Samsung Electronics retreated 1.24 percent, LG Electronics stumbled 1.68 percent, SK Hynix declined 1.54 percent, Naver skidded 0.99 percent, LG Chem slumped 1.28 percent, Lotte Chemical slid 0.42 percent, S-Oil tumbled 1.77 percent, SK Innovation surrendered 1.46 percent, POSCO dropped 0.83 percent, SK Telecom lost 0.60 percent, KEPCO surged 3.08 percent, Hyundai Mobis eased 0.22 percent, Hyundai Motor dipped 0.25 percent, Kia Motors added 0.35 percent and Samsung SDI was unchanged.

The lead from Wall Street is weak as the major averages opened solidly lower on Wednesday, making back some of the ground as the day progressed but still ending firmly in the red.

The Dow dropped 134.51 points or 0.41 percent to finish at 32,908.27, while the NASDAQ shed 82.14 points or 0.63 percent to close at 12,935.29 and the S&P 500 slumped 25.69 points or 0.61 percent to end at 4,179.83.

The weakness on Wall Street came as traders kept a close eye on developments regarding the bill to raise the U.S. debt ceiling and avoid potentially disastrous default. The debt bill, which advanced out of the House Rules Committee on Tuesday, is set to be voted on in the House any time now.

In economic news, the Labor Department said that job openings rose to 10.1 million in April from a revised 9.7 million in March. Economists had expected job openings to fall to 9.4 million.

Crude oil prices fell sharply on Wednesday as worries about fuel demand resurfaced, while a stronger dollar also weighed on oil prices. West Texas Intermediate Crude oil futures for July slumped $1.37 or 2 percent at $68.09 a barrel.

Canadian Market Up Marginally In Cautious Trade

After a flat start and a subsequent drop to lower levels, the Canadian market emerged into positive territory about an hour past noon on Monday, but remains somewhat subdued with investors seeming reluctant to make significant moves. The mood is cautious as investors await U.S. - China trade talks in London.

RTTNews | 2h 15min ago

European Stocks Close Weak After Cautious Session

European markets settled lower on Monday after a subdued performance as investors awaited the outcome of U.S.-China high-level trade talks in London. Also, a lack of regional economic data and earnings news contributed to the cautious mood in the markets.

RTTNews | 2h 43min ago

FDA, CDC Probe Salmonella Outbreak As Around 1.70 Mln Dozen Brown Eggs Recalled

The U.S. Food and Drug Administration and the Centers for Disease Control and Prevention or CDC are investigating a Salmonella Enteritidis outbreak linked to brown eggs that sickened nearly 79 across 7 states. Associated with the ongoing probe, August Egg Co. recalled around 1.70 million dozen brown cage-free and brown certified organic eggs sold through Walmart and other retail locations.

RTTNews | 6h 29min ago

Bay Street May Open Slightly Higher

Canadian shares may open slightly higher on Monday amid optimism about some positive progress in U.S.-China trade talks. Energy stocks are likely to find some support on higher crude oil prices.. The U.S.-China discussions will aim to resolve some major trade disputes between the two major economies.

RTTNews | 8h 21min ago

FTSE 100 Down Marginally At Noon

The U.K. market is down marginally at noon on Monday with investors mostly making cautious moves amid a lack of triggers. The focus is on trade talks between the U.S. and Chinese officials in London. Weak Chinese exports data weighs on sentiment.

RTTNews | 9h 33min ago

CAC 40 Down Slightly In Lackluster Trade

French stocks are down slightly in lackluster trade on Monday with investors refraining from making significant moves as they await the high-level trade talks between U.S. and Chinese officials in London later in the day.

RTTNews | 9h 54min ago

DAX Down Over 0.5% In Cautious Trade

German stocks are down in negative territory on Monday as investors make cautious moves while awaiting crucial talks between U.S. and Chinese officials in London later in the day. The discussions will aim to resolve some major trade disputes between the two major economies. Treasury Secretary Scott Bessent leads the U.S. delegation in the high-level trade talks.

RTTNews | 10h 15min ago

Sensex, Nifty End Modestly Higher; Banks And Financials Surge

Indian shares eked out modest gains on Monday as top officials from the U.S. and China meet in London later in the day to resolve their differences and ease rare-earth mineral tensions.

RTTNews | 10h 24min ago

EURUSD	1.14208	GBPUSD	1.3552	AUDUSD	0.65175
USDJPY	144.611	USDCAD	1.36975	USDCHF	0.82152

Advertisement

Continued Consolidation Called For KOSPI