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Financial News: Continued Consolidation Called For South Korea Shares

Continued Consolidation Called For South Korea Shares

06/21/2018 - 19:00:00 (RTTNews)

(RTTNews) - The South Korea stock market headed south again on Thursday, one session after it had ended the five-day slide in which it had given away almost 135 points or 5.5 percent. The KOSPI now rests just above the 2,335-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets is soft ahead of the OPEC meeting later today in Vienna. The European and U.S. markets were down and the Asian markets are expected to follow suit.

The KOSPI finished sharply lower on Thursday following losses from the financial shares and industrial issues, while the technology stocks were a mixed bag.

For the day, the index skidded 26.08 points or 1.10 percent to finish at the daily low of 2,337.83 after peaking at 2,370.58. Volume was 430 million shares worth 6.6 trillion won. There were 662 decliners and 193 gainers.

Among the actives, Shinhan Financial retreated 2.67 percent, while Hana Financial plunged 4.15 percent, KB Financial plummeted 4.36 percent, Woori Bank dropped 4.68 percent, Samsung Electronics added 0.11 percent, SK hynix climbed 0.80 percent, LG Electronics lost 4.87 percent, LG Display surrendered 3.32 percent, SK Telecom advanced 0.62 percent, POSCO fell 1.02 percent, Hyundai Steel shed 0.73 percent, Hyundai Motor skidded 1.93 percent and Kia Motor tumbled 2.22 percent.

The lead from Wall Street is negative as stocks moved mostly lower on Thursday as the Dow extended its losing streak to eight sessions.

The Dow fell 196.10 points or 0.80 percent to 24,461.70, the NASDAQ slid 68.56 points or 0.88 percent to 7,712.95 and the S&P 500 dropped 17.56 points or 0.63 percent to 2,749.76.

The weakness on Wall Street was due uncertainty about the outcome of the OPEC meeting. Saudi Arabia and Russia are pushing for an increase in oil production, and OPEC is expected to announce its decision at the conclusion of the gathering.

Crude oil futures were steady Thursday ahead of the OPEC meeting. A stronger dollar also kept oil prices in check as August WTI oil was down 17 cents or 0.3 percent to settle at $65.54/bbl.

In economic news, the Conference Board reported a smaller than expected increase in its leading economic index, while the Philadelphia Federal Reserve noted a bigger than expected slowdown in regional manufacturing activity in June.

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