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Financial News: South Korea Shares May Head South On Tuesday

South Korea Shares May Head South On Tuesday

04/03/2017 - 19:00:00 (RTTNews)

(RTTNews) - The South Korea stock market on Monday snapped the two-day slide in which it had fallen almost 10 points or 0.5 percent. The KOSPI now rests just above the 2,165-point plateau, although the market may turn lower again on Tuesday.

The global forecast or the Asian markets is soft, following soft economic data and ahead of U.S. employment figures later this week - although crude oil prices provide mild support. The European and U.S. markets were down and the Asian markets figure to follow suit.

The KOSPI finished modestly higher on Monday following gains from the financial shares and technology stocks, while the industrials weighed.

For the day, the index added 7.28 points or 0.34 percent to finish at 2,167.51 after trading between 2,161.26 and 2,171.33.

Among the actives, Shinhan Financial collected 0.43 percent, while Woori Bank jumped 1.15 percent, Samsung Electronics climbed 0.58 percent, SK hynix spiked 2.57 percent, Hyundai Motor shed 0.64 percent and POSCO tumbled 2.92 percent.

The lead from Wall Street is negative as stocks ended in the red on Monday following downbeat auto sales and manufacturing data.

The Dow shed 13.01 points or 0.06 percent to 20,650.21, while the NASDAQ lost 17.06 points or 0.29 percent and the S&P eased 3.88 points or 0.16 percent to 2,358.84.

In economic news, activity in the U.S. manufacturing sector continued to expand in March, the Institute for Supply Management said, although the pace of growth slowed compared to the previous month.

Also, the Commerce Department said that construction spending rebounded in February, while vehicle sales in March fell to the lowest level in more than years.

Crude oil futures inched lower Monday, but clung to $50 a barrel as Libyan oil production was resumed after interruptions caused by militants. West Texas Intermediate oil for May delivery at the New York Mercantile Exchange fell 36 cents or 0.7 percent to $50.24 a barrel.

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