Tech Shares May Weigh On South Korea Stocks

RTTNews | 883 days ago

(RTTNews) - The South Korea stock market on Monday snapped the four-day winning streak in which it had advanced almost 65 points or 2.7 percent. The KOSPI now rests just above the 2,470-point plateau and it may tick lower again on Tuesday.

The global forecast for the Asian markets is a study in contrasts, with gains among oil stocks likely offset by weakness among the technology shares. The European and U.S. markets were mixed and the Asian bourses figure to follow suit.

The KOSPI finished slightly lower on Monday following losses from the financials, gains from the steel companies and a mixed picture from the auto and technology sectors.

For the day, the index dipped 4.52 points or 0.18 percent to finish at 2,472.34. Volume was 801.73 million shares worth 11.16 trillion won. There were 510 decliners and 370 gainers.

Among the actives, Shinhan Financial tanked 2.26 percent, while KB Financial sank 0.73 percent, Hana Financial fell 0.25 percent, Samsung Electronics weakened 1.41 percent, Samsung SDI climbed 1.36 percent, LG Electronics declined 1.30 percent, SK Hynix slumped 1.58 percent, Naver tumbled 1.88 percent, Lotte Chemical plunged 2.46 percent, S-Oil soared 2.62 percent, SK Innovation added 0.39 percent, POSCO skyrocketed 6.52 percent, SK Telecom retreated 1.55 percent, KEPCO shed 0.67 percent, Hyundai Mobis dropped 0.93 percent, Hyundai Motor lost 0.49 percent, Kia Motors rose 0.25 percent and LG Chem was unchanged.

The lead from Wall Street is incongruous as the Dow and S&P opened higher and finished the same way, while the NASDAQ opened in the red and remained there throughout the session.

The Dow surged 327.00 points or 0.98 percent to finish at 33,601.15, while the NASDAQ dropped 32.45 points or 0.27 percent to end at 12,189.45 and the S&P 500 added 15.20 points or 0.37 percent to close at 4,124.51.

The strength on Wall Street rose the back of the energy sector as crude oil prices surged, while technology stocks ebbed on fears over the outlook for interest rates.

Oil prices rose sharply on Monday, buoyed by the decision of OPEC+ oil producers to cut output by around 1.16 million barrels per day. West Texas Intermediate Crude oil futures for May ended higher by $4.75 or 6.3 percent at $80.42 a barrel.

In economic news, the Institute for Supply Management said manufacturing activity in the U.S. contracted at a slightly faster rate in March. Also, the Commerce Department unexpectedly showed a slight decrease in U.S. construction spending in February.

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