KOSPI May Extend Losing Streak On Tuesday

(RTTNews) - The South Korea stock market has finished lower in back-to-back sessions, sinking more than 65 points or 1.6 percent along the way. The KOSPI now sits just above the 3,920-point plateau and it may take further damage again on Tuesday.

The global forecast for the Asian markets is soft, with profit taking expected after recent strength. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

The KOSPI finished barely lower on Monday as profit taking among the technology stocks and automobile producers was mitigated by support from the financial sector.

For the day, the index slipped 6.22 points or 0.16 percent to close at 3,920.37 after trading between 3,892.08 and 3,977.31. Volume was 293.7 million shares worth 11.69 trillion won. There were 489 gainers and 380 decliners.

Among the actives, Shinhan Financial rallied 2.18 percent, while KB Financial collected 1.20 percent, Hana Financial climbed 1.18 percent, Samsung Electronics rose 0.30 percent, Samsung SDI dipped 0.17 percent, LG Electronics fell 0.23 percent, SK Hynix jumped 1.51 percent, Naver shed 0.41 percent, LG Chem lost 0.53 percent, Lotte Chemical added 0.69 percent, SK Innovation dipped 0.35 percent, POSCO Holdings eased 0.16 percent, KEPCO plummeted 4.57 percent, Hyundai Mobis tumbled 1.94 percent, Hyundai Motor stumbled 2.68 percent, Kia Motors slumped 1.58 percent and SK Telecom was unchanged.

The lead from Wall Street is weak as the major averages opened lower on Monday and remained in the red throughout the trading day.

The Dow tumbled 427.09 points or 0.90 percent to finish at 47,289.33, while the NASDAQ sank 89.76 points or 0.38 percent to close at 23,275.92 and the S&P 500 lost 36.46 points or 0.53 percent to end at 6,812.63.

The weakness on Wall Street came as traders looked to cash in on last week's rally, which saw the major averages stage a significant recovery from the sharp pullback seen in November.

The major averages had closed higher for five consecutive sessions last week, clawing their way back toward record highs.

Stocks had recently benefited from renewed optimism about the outlook for interest rates following dovish comments from leading Federal Reserve officials. However, the release of key U.S. economic data in the coming days could impact Fed officials' thinking.

Crude oil prices surged on Monday as the U.S. dollar came under pressure amid rate cut expectations. West Texas Intermediate crude for January delivery was up $0.75 or 1.28 percent at $59.30 per barrel.

Closer to home, South Korea will provide November numbers for consumer prices later this morning, with forecasts suggesting a decline of 0.3 percent on month and an increase of 2.2 percent on year. That follows the 0.3 percent monthly increase and the 2.4 percent annual gain in October.