South Korea Bourse May Extend Tuesday's Losses

(RTTNews) – The South Korea stock market on Tuesday ended the two-day winning streak in which it had spiked almost 70 points or 2.8 percent. The KOSPI now rests just beneath the 2,540-point plateau and it may take further damage on Wednesday.

The global forecast for the Asian markets suggests mild consolidation after significant upside in recent sessions, with a rising number of coronavirus cases also likely to weigh. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The KOSPI finished slightly lower on Tuesday following losses from the airlines, gains from the financials and mixed performances from the technology, oil and chemical companies.

For the day, the index slid 3.88 points or 0.15 percent to finish at 2,539.15 after trading between 2,533.34 and 2,556.09. Volume was 1.2 billion shares worth 17.5 trillion won. There were 524 decliners and 318 gainers.

Among the actives, Shinhan Financial collected 0.45 percent, while KB Financial spiked 1.86 percent, Hana Financial added 0.68 percent, Samsung Electronics dropped 0.90 percent, LG Electronics sank 1.73 percent, SK Hynix rose 0.10 percent, Samsung SDI jumped 1.65 percent, Korean Air Lines plummeted 8.91 percent, LG Chem climbed 1.33 percent, Lotte Chemical slid 0.18 percent, S-Oil fell 0.30 percent, SK Innovation soared 2.89 percent, POSCO dipped 0.21 percent, SK Telecom was up 0.22 percent, KEPCO rallied 2.61 percent, Hyundai Motor accelerated 1.96 percent and Kia Motors tumbled 2.01 percent.

The lead from Wall Street is soft as stocks opened lower on Tuesday, pared the losses as the day progressed but still ended in the red after two sessions of solid gains.

The Dow shed 167.09 points or 0.56 percent to finish at 28.783.35, while the NASDAQ lost 24.79 points or 0.21 percent to end at 11,899.34 and the S&P 500 fell 17.38 points or 0.48 percent to close at 3,609.53.

Profit taking contributed to the initial pullback on Wall Street after the strength seen in the previous session lifted the Dow and the S&P 500 to new record closing highs.

The markets were also troubled by data that showed more than 166,000 news coronavirus cases on Monday, with the total number of cases in the U.S. now exceeding 11 million.

In economic news, the Commerce Department said retail sales rose less than expected in October, while the Federal Reserve noted a significant rebound in U.S. industrial production last month.

Crude oil futures contracts ended slightly higher on Tuesday as hopes for tighter production cuts by OPEC outweighed surging coronavirus. West Texas Intermediate Crude oil futures for December ended up $0.09 or 0.2 percent at $41.43 a barrel.

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