South Korea Stock Market May Extend Losing Streak

(RTTNews) - The South Korea stock market has moved lower in two straight sessions, sinking almost 35 points or 1.4 percent along the way. The KOSPI now rests just above the 2,485-point plateau and it's likely to open under pressure again on Friday.

The global forecast for the Asian markets is broadly negative after U.S. President Donald Trump's tariff announcement. The European and U.S. markets were sharply lower and the Asian bourses are expected to open in similar fashion. The KOSPI finished modestly lower on Thursday following losses from the financial shares, chemical companies, technology stocks and automobile producers.

For the day, the index shed 19.16 points or 0.76 percent to finish at 2,486.70 after trading between 2,437.43 and 2,488.92. Volume was 474.7 million shares worth 8.2 trillion won. There were 606 decliners and 276 gainers. Among the actives, Shinhan Financial sank 0.76 percent, while KB Financial plunged 4.22 percent, Hana Financial surrendered 2.81 percent, Samsung Electronics tumbled 2.04 percent, Samsung SDI declined 1.77 percent, LG Electronics plummeted 5.81 percent, SK Hynix retreated 1.67 percent, Naver rallied 1.53 percent, LG Chem cratered 3.53 percent, Lotte Chemical crashed 5.08 percent, SK Innovation skidded 3.30 percent, POSCO fell 0.37 percent, SK Telecom dipped 0.18 percent, KEPCO added 0.70 percent, Hyundai Mobis dropped 1.89 percent, Hyundai Motor slumped 1.27 percent and Kia Motors stumbled 1.41 percent.

The lead from Wall Street is brutal as the major averages opened sharply lower on Thursday and remained deep in the red throughout the day, ending at session lows.

The Dow plummeted 1,679.39 points or 3.98 percent to finish at 40,545.93, while the NASDAQ crashed 1,050.44 points or 5.97 percent to close at 1,6550.61 and the S&P 500 tumbled 274.45 points or 4.84 percent to end at 5,396.52.

The nosedive on Wall Street came after Trump delivered a highly anticipated speech on Wednesday outlining his plan to impose sweeping tariffs on U.S. trade partners.

Canada and the European Union are also preparing countermeasures, leading to concerns about a trade war that could fuel inflation and damage the global economy.

Adding to the negative sentiment, the Institute for Supply Management said U.S. service sector growth slowed by more than anticipated in March.

Crude oil prices pulled back sharply on Thursday after the U.S. implemented its tariffs, while additional selling pressure came after OPEC said it would speed up previously announced increases in output. Crude for May delivery plummeted $4.76 or 6.6 percent to $66.95 a barrel.