KOSPI May Extend Friday's Losses

(RTTNews) - The South Korea stock market has moved lower in two of three trading days since the end of the two-day winning streak in which it had picked up almost 35 points or 1.2 percent. The KOSPI now sits just above the 3,050-point plateau and it may open under pressure again on Monday.

The global forecast for the Asian markets is soft thanks to ongoing tariff concerns. The European markets were down and the U.S. bourses were closed for the July 4 holiday, and the Asian markets also figure to open in the red.

The KOSPI finished sharply lower on Friday following profit taking among the financial, technology and automobile sectors.

For the day, the index tumbled 61.99 points or 1.99 percent to finish at 3,054.28 after trading between 3,052.91 and 3,123.84. Volume was 511.83 million shares worth 13.25 trillion won. There were 738 decliners and 160 gainers.

Among the actives, Shinhan Financial slumped 1.10 percent, while KB Financial stumbled 4.41 percent, Hana Financial surrendered 2.40 percent, Samsung Electronics sank 0.78 percent, Samsung SDI plunged 2.27 percent, LG Electronics dropped 0.90 percent, SK Hynix tanked 2.87 percent, Naver retreated 1.58 percent, LG Chem rallied 2.92 percent, Lotte Chemical shed 0.44 percent, SK Innovation plummeted 3.44 percent, POSCO Holdings jumped 1.44 percent, SK Telecom cratered 5.56 percent, KEPCO rallied 2.79 percent, Hyundai Mobis declined 1.34 percent, Hyundai Motor tumbled 1.86 percent and Kia Motors skidded 1.00 percent.

There is no lead from Wall Street, but the European stock markets were down amid concerns about U.S. tariffs.

With the July 9 deadline to strike deals with the U.S. just a few days away, U.S. President Donald Trump has announced that his government will send letters to trading partners outlining unilateral tariffs that will take effect on August 1.

The EU, which is pushing for an agreement in principle ahead of July 9, has acknowledged that a comprehensive deal is unlikely to be reached by the deadline.

There is also concern over Trump's "Big, Beautiful Bill," which will add at least $3.3 trillion to the country's already-mammoth national debt.

Crude oil prices slumped on Friday on easing geopolitical concerns in the Middle East. West Texas Intermediate crude for August delivery was down $0.51 or 0.76 percent to finish at $66.49 per barrel.