Steady Start Seen For KOSPI

(RTTNews) - The South Korea stock market has finished lower in back-to-back sessions, tumbling almost 220 points or 5 percent in that span. The KOSPI sits just above the 4,000-point plateau although it's expected to halt its slide on Thursday.

The global forecast for the Asian markets is upbeat on bargain hunting and positive data. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KOSPI finished sharply lower on Wednesday with profit taking across the board, especially among the technology, finance and industrial sectors.

For the day, the index plunged 117.32 points or 2.85 percent to finish at 4,004.42 after trading between 3,867.81 and 4,055.47. Volume was 583.5 million shares worth 28.5 trillion won. There were 730 decliners and 173 gainers.

Among the actives, Shinhan Financial retreated 1.44 percent, while KB Financial dipped 0.25 percent, Hana Financial slumped 1.14 percent, Samsung Electronics stumbled 4.10 percent, Samsung SDI tanked 3.70 percent, LG Electronics declined 1.58 percent, SK Hynix skidded 1.19 percent, Naver surged 4.31 percent, LG Chem contracted 2.53 percent, Lotte Chemical plunged 4.90 percent, SK Innovation cratered 4.43 percent, POSCO Holdings dropped 2.24 percent, SK Telecom added 0.57 percent, KEPCO crashed 3.44 percent, Hyundai Mobis sank 2.70 percent, Hyundai Motor tumbled 2.72 percent and Kia Motors plummeted 2.97 percent.

The lead from Wall Street is solid as the major averages opened barely on Wednesday in the red but quickly accelerated into the green and stayed there for the balance of the day.

The Dow jumped 225.76 points or 0.48 percent to finish at 47,311.00, while the NASDAQ rallied 151.16 points or 0.65 percent to end at 23,499.80 and the S&P 500 gained 24.74 points or 0.37 percent to close at 6,796.29.

The strength for most of the day came as some traders looked to pick up stocks at reduced levels following the steep drop on Tuesday, which reflected concerns about valuations.

Positive sentiment may also have been generated by some upbeat U.S. economic data, including a report from payroll processor ADP showing private sector employment in the U.S. rebounded by more than expected in October.

Also, the Institute for Supply Management released a report showing U.S. service sector activity returned to expansion in October.

Crude oil prices fell on Wednesday as concerns about excess supply and lower demand compelled investors to refrain from big moves. West Texas Intermediate crude for December delivery was down $0.92 or 1.52 percent at $59.64 per barrel.