Steady Start Seen For South Korea Shares

(RTTNews) - The South Korea stock market has finished lower in three straight sessions, stumbling almost 110 points or 4.3 percent in that span. The KOSPI now sits just above the 2,355-point plateau although it may stop the bleeding on Tuesday.

The global forecast offers little clarity with few catalysts head of data later in the week, although treasury yields continue to be active. The European and U.S. markets were mixed and flat and the Asian markets figure to follow suit.

The KOSPI finished modestly lower on Monday as losses from the financial shares and technology stocks were mitigated by support from the automobile companies.

For the day, the index sank 17.98 points or 0.76 percent to finish at 2,357.02 after trading between 2,354.70 and 2,375.79. Volume was 387.7 million shares worth 6.9 trillion won. There were 593 decliners and 283 gainers.

Among the actives, Shinhan Financial tumbled 2.36 percent, while KB Financial tanked 2.80 percent, Hana Financial surrendered 2.53 percent, Samsung Electronics shed 0.58 percent, Samsung SDI retreated 1.25 percent, LG Electronics slumped 0.95 percent, SK Hynix tumbled 1.74 percent, Naver skidded 1.05 percent, LG Chem added 0.42 percent, Lotte Chemical dropped 0.84 percent, S-Oil declined 1.41 percent, SK Innovation lost 0.50 percent, SK Telecom sank 0.80 percent, KEPCO stumbled 2.09 percent, Hyundai Motor climbed 1.04 percent, Kia Motors accelerated 1.59 percent and POSCO and Hyundai Mobis were unchanged.

The lead from Wall Street is murky as the major averages opened lower on Monday, broke into the green my midday before fading and ending mixed and little changed.

The Dow slumped 190.87 points or 0.58 percent to finish at 32,936.41, while the NASDAQ added 34.52 points or 0.27 percent to close at 13,018.33 and the S&P 500 slipped 7.12 points or 0.17 percent to end at 4,217.04.

Stocks initially came under pressure as treasury yields rebounded amid ongoing concerns about the outlook for interest rates. Following the pullback seen last Friday, the yield on the benchmark 10year note moved back to the upside, briefly peeking above the key 5 percent level.

The subsequent turnaround on Wall Street came as treasury yields turned lower as the day progressed, with the ten-year yield falling into negative territory.

Trading activity was subdued, however, thanks to a lack of major U.S. economic data - although the calendar picks up later in the week. The earnings season also should be a factor, with a slew of big-name companies due to report their quarterly results.

Crude oil prices fell sharply on Monday amid easing concerns about oil supply on hopes the diplomatic efforts in the Middle East will help prevent the conflict there from escalating into a bigger regional war. West Texas Intermediate Crude oil futures for November settled at $85.49, down $2.59 or about 2.94 percent.