KOSPI Expected To Halt Losing Streak

(RTTNews) - The South Korea stock market has finished lower in three straight sessions, slipping more than 100 points or 2.8 percent along the way. The KOSPI sits just above the 3,385-point plateau although it may stop the bleeding on Monday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KOSPI finished sharply lower on Friday following losses from the financial shares, technology stocks and automobile producers.

For the day, the index tumbled 85.06 points or 2.45 percent to finish at 3,386.05 after trading between 3,365.73 and 3,441.91. Volume was 389 million shares worth 12.2 trillion won. There were 776 decliners and 121 gainers.

Among the actives, Shinhan Financial shed 0.86 percent, while KB Financial declined 1.40 percent, Hana Financial surrendered 2.02 percent, Samsung Electronics stumbled 3.25 percent, Samsung SDI tanked 4.21 percent, LG Electronics slumped 2.05 percent, SK Hynix plunged 5.61 percent, Naver advanced 0.98 percent, LG Chem cratered 2.77 percent, Lotte Chemical surged 3.88 percent, SK Innovation tumbled 2.41 percent, POSCO Holdings dropped 2.14 percent, SK Telecom fell 0.54 percent, KEPCO added 0.56 percent, Hyundai Mobis retreated 1.99 percent, Hyundai Motor skidded 1.15 percent and Kia Motors sank 1.76 percent.

The lead from Wall Street is positive as the major averages opened higher on Friday and spent most of the day in the green.

The Dow jumped 299.97 points or 0.65 percent to finish at 46,247.29, while the NASDAQ advanced 99.37 points or 0.44 percent to close at 22,484.07 and the S&P 500 gained 38.98 points or 0.59 percent to end at 6,643.70.

For the week, the NASDAQ slid 0.7 percent, the S&P fell 0.3 percent and the Dow dipped 0.2 percent.

The strength on Wall Street reflected a positive reaction to a closely watched Commerce Department report showing consumer prices rose in line with economist estimates in August.

The data helped increase confidence the Federal Reserve will continue lowering interest rates in the coming months.

Crude oil prices advanced on Friday as Russia restricted fuel exports by introducing a partial ban on diesel exports until the end of 2025. West Texas Intermediate crude for November delivery was up $0.59 or 0.91 percent at $65.57 per barrel.