Little Movement Expected For South Korea Shares
The South Korea stock market has finished lower in two straight sessions, sliding more than 30 points or 1.4 percent along the way. The KOSPI now rests just above the 2,100-point plateau and it figures to tick lower again on Thursday.
The global forecast for the Asian markets is flat to lower, thanks to a decline in crude oil prices. The European markets were down and the U.S. markets were closed and the Asian bourses are tipped to open slightly lower on Thursday.
The KOSPI finished modestly lower on Wednesday as losses from the technology stocks and steel companies were offset by support from the financial sector.
For the day, the index lost 13.04 points or 0.62 percent to finish at 2.101.31 after trading between 2,086.57 and 2,107.69. Volume was 484.1 million shares worth 4.66 trillion won. There were 510 decliners and 323 gainers.
Among the actives, Samsung Electronics skidded 1.66 percent, while LG Electronics tumbled 2.05 percent, SK hynix dropped 1.16 percent, LG Display shed 0.85 percent, POSCO retreated 2.35 percent, Shinhan Financial added 0.24 percent, KB Financial collected 0.10 percent, Hana Financial lost 0.55 percent, SK Telecom jumped 1.44 percent, Kia Motors added 0.49 percent and Woori Bank and Hyundai Motor were unchanged
There is no lead from Wall Street as the major averages were closed Wednesday for the funeral of former President George H.W. Bush, who died Nov. 30.
In economic news, the Federal Reserve released its Beige Book and most of the twelve Fed districts reported that their economies expanded at a modest or moderate pace from mid-October through late November.
The release of the Beige Book comes as the Fed is widely expected to raise interest rates by a quarter point at its next monetary policy meeting later this month.
Crude oil futures failed to hold earlier gains and settled lower on Wednesday, with traders weighing the prospects of future demand. Crude oil futures for January ended down $0.36 or 0.7 percent at $52.89 a barrel.
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