(RTTNews) – The South Korea stock market has alternated between positive and negative finishes through the last five trading days since the end of the four-day winning streak in which it had advanced almost 35 points or 1.5 percent. The KOSPI now rests just above the 2,380-point plateau although it may tick lower again on Wednesday.
The global forecast for the Asian markets is flat to lower amid geopolitical concerns, although support may be found amidst stable crude oil prices. The European markets were slightly lower and the U.S. bourses were off for Independence Day, and the Asian markets are tipped to open in the red.
The KOSPI finished modestly lower on Tuesday as losses from the technology stocks and industrials were mitigated by support from the financial shares.
For the day, the index dipped 13.96 points or 0.58 percent to finish at 2,380.52 after trading between 2,376.41 and 2,398.02. Volume was 380 million shares worth 4.75 trillion won. There were 582 decliners and 216 gainers.
Among the actives, Samsung Electronics shed 0.47 percent, while SK hynix lost 0.75 percent, LG Display surged 5.34 percent, POSCO dropped 1.36 percent, SK Innovation dipped 0.62 percent, Hyundai Motor tumbled 3.06 percent, Kia Motors slipped 1.81 percent, Korea Electric Power spiked 1.47 percent, Shinhan Financial collected 0.71 percent and Woori Bank added 0.54 percent.
Minus a lead from Wall Street, the European stocks offered an uninspired performance after North Korea launched another ballistic missile in the direction of Japan.
Germany’s DAX was down 38.18 points or 0.31 percent to 12,437.13, while the CAC in France fell 20.82 points or 0.40 percent to 5,174.90 and London’s FTSE shed 19.86 points or 0.27 percent to 7,357.23.
North Korea’s action prompted U.S. President Donald Trump to declare it is “hard to believe South Korea and Japan will put up with this much longer.”
Crude oil futures saw no action on Tuesday in New York after eight straight days of gain. In thin trade ahead of the July 4 break, WTI light sweet crude oil jumped 78 cents to $46.83 a barrel, the highest since early May.
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