South Korea Bourse May Extend Losing Streak

(RTTNews) - The South Korea stock market has finished lower in back-to-back sessions, sinking almost 35 points or 1.4 percent along the way. The KOSPI now rests just above the 2,590-point plateau and it may take further damage on Monday.

The global forecast for the Asian markets is negative on renewed trade and tariff concerns. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

The KOSPI finished slightly lower on Friday as losses from the technology and industrial stocks were mitigated by support from the financial sector.

For the day, the index dipped 1.58 points or 0.06 percent to finish at 2,592.09 after trading between 2,589.51 and 2,604.14. Volume was 424.6 million shares worth 7.92 trillion won. There were 493 gainers and 395 decliners.

Among the actives, Shinhan Financial spiked 1.85 percent, while KB Financial rallied 2.38 percent, Hana Financial collected 1.93 percent, Samsung Electronics dropped 0.91 percent, Samsung SDI tumbled 1.78 percent, LG Electronics shed 0.43 percent, SK Hynix jumped 1.57 percent, Naver eased 0.05 percent, LG Chem tanked 2.30 percent, Lotte Chemical skidded 1.05 percent, SK Innovation plummeted 4.14 percent, POSCO Holdings stumbled 1.89 percent, SK Telecom fell 0.20 percent, KEPCO surged 3.37 percent, Hyundai Mobis slumped 1.63 percent, Hyundai Motor retreated 1.37 percent and Kia Motors surrendered 2.35 percent.

The lead from Wall Street is weak as the major averages opened lower on Friday and remained in the red throughout the trading day.

The Dow dropped 256.02 points or 0.61 percent to finish at 41,603.07, while the NASDAQ tumbled 188.53 points or 1.00 percent to close at 18,737.21 and the S&P 500 sank 39.19 points or 0.67 percent to end at 5,802.82.

For the week, the S&P 500 gave up 2.6 percent, while the NASDAQ and the Dow both plunged 2.5 percent.

The initial slump on Wall Street came after President Donald Trump threatened to impose 50 percent tariffs on imports from the European Union beginning June 1, sparking renewed trade concerns.

On the U.S. economic front, the Commerce Department said new home sales in the U.S. spiked in April compared to a significantly downwardly revised level in March.

Crude oil prices ticked higher on Friday but still fell for the week amid reports of another production increase by OPEC for July. West Texas Intermediate crude for July delivery climbed $0.34 or 0.6 percent to $61.54 a barrel. For the week, crude fell 1.5 percent.