The South Korea stock market has finished lower in two straight sessions, surrendering almost 20 points or 0.8 percent along the way. The KOPSI now rests just beneath the 2,460-point plateau and it draws another soft lead for Wednesday.
The global forecast for the Asian is slightly soft, with concerns over U.S. treasury yields tempered by support from crude oil. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The KOSPI finished modestly lower on Tuesday following losses form the financials, stocks and industrials.
For the day, the index fell 17.57 points or 0.71 percent to finish at 2,458.54 after trading between 2,456.20 and 2,480.22. Volume was 702 million shares worth 9.28 trillion won. There were 504 decliners and 333 gainers.
Among the actives, Hyundai Motor lost 1.66 percent, while Kia Motors fell 0.44 percent, Samsung Electronics dropped 1.80 percent, LG Electronics shed 0.92 percent, SK hynix lost 0.94 percent, POSCO eased 0.13 percent, Hyundai Steel tumbled 2.62 percent, Woori Bank plunged 1.60 percent, Hana Financial skidded 1.51 percent and Shinhan Financial was unchanged.
The lead from Wall Street is negative as stocks moved lower on Tuesday, as profit taking erased gains from previous sessions.
The Dow slumped 193.00 points or 0.78 percent to 24,706.41, the NASDAQ fell 59.69 points or 0.81 percent to 7,351.63 and the S&P 500 slid 18.68 points or 0.68 percent to 2,711.45.
The weakness came when traders reacted to a jump in U.S. treasury yields, with the yield on the benchmark ten-year note surging up to its highest levels since 2011.
In economic news, the Commerce Department said retail sales increased in line with estimates in April. Also, the National Association of Home Builders noted an unexpected improvement in homebuilder confidence in May.
Crude oil futures rose Tuesday, even as U.S. stocks and other commodities melted down. Oil has surged to four-year highs amid speculation that OPEC will continue to cut production. West Texas Intermediate oil for June ended up 35 cents or 0.5 percent to finish at $71.31/bbl.
by P2PNews Staff Writer