KOSPI May Test Support At 2,500 Points

(RTTNews) - The South Korea stock market has moved lower in five straight sessions, slumping almost 85 points or 3.4 percent along the way. The KOSPI now rests just beneath the 2,520-point plateau and it may move lower again on Friday.

The global forecast for the Asian markets remains soft on concerns over the outlook for interest rates. The European and U.S. markets were down and the Asian bourses figure to follow that lead.

The KOSPI finished slightly lower on Thursday as losses from the technology stocks were offset by support from the financials and a mixed picture from the industrials.

For the day, the index dipped 5.79 points or 0.23 percent to finish at 2,519.85. Volume was 725.27 million shares worth 10.57 trillion won. There were 646 decliners and 238 gainers.

Among the actives, Shinhan Financial collected 0.58 percent, while KB Financial jumped 1.57 percent, Hana Financial rose 0.40 percent, Samsung Electronics shed 0.45 percent, Samsung SDI climbed 1.16 percent, LG Electronics improved 0.30 percent, SK Hynix dropped 0.86 percent, Naver tumbled 2.02 percent, LG Chem sank 0.51 percent, Lotte Chemical perked 0.08 percent, S-Oil retreated 1.63 percent, SK Innovation was up 0.06 percent, POSCO rallied 1.28 percent, KEPCO dropped 0.98 percent, Hyundai Mobis gained 0.66 percent, Hyundai Motor lost 0.54 percent, Kia Motors added 0.51 percent and SK Telecom was unchanged.

The lead from Wall Street is negative as the major averages opened higher on Thursday but quickly turned lower and finished near session lows.

The Dow tumbled 290.91 points or 0.84 percent to finish at 34,474.83, while the NASDAQ slumped 157.70 points or 1.17 percent to close at 13,316.93 and the S&P 500 sank 33.97 points or 0.77 percent to end at 4,370.36.

The weakness on Wall Street came as investors continue to digest Wednesday's Federal Reserve minutes, which suggest the central bank will hold interest rates higher for longer to fight inflation.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits saw a modest decline last week. Also, the Federal Reserve Bank of Philadelphia said its manufacturing index saw a big jump in August.

Crude oil futures were up on Thursday, snapping a three-session losing streak on news of stimulus measures from China's central bank. West Texas Intermediate Crude oil futures for September climbed $1.01 or 1.3 percent at $80.39 a barrel.