Losing Streak May Continue For South Korea Shares

(RTTNews) - The South Korea stock market has finished lower in three straight sessions, sinking almost 50 points or 2.2 percent along the way. The KOSPI now rests just above the 2,350-point plateau and it's predicted to open under pressure again on Tuesday. The global forecast for the Asian markets is mixed to lower on concerns over the health of the global economy and the outlook for interest rates. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead. The KOSPI finished modestly lower on Monday following losses from the automobile producers and oil and chemical companies, while the financials and technology stocks were mixed. For the day, the index shed 7.85 points or 0.33 percent to finish at 2,352.17 after trading between 2,342.28 and 2,358.76. Volume was 312.32 million shares worth 4.85 trillion won. There were 566 decliners and 303 gainers. Among the actives, Shinhan Financial rose 0.13 percent, while KB Financial collected 0.58 percent, Hana Financial shed 0.45 percent, Samsung SDI plummeted 3.00 percent, LG Electronics fell 0.34 percent, SK Hynix gained 0.77 percent, Naver jumped 1.66 percent, LG Chem surrendered 1.86 percent, Lotte Chemical and POSCO both advanced 0.90 percent, S-Oil skidded 1.02 percent, SK Innovation dropped 0.88 percent, SK Telecom eased 0.10 percent, KEPCO retreated 1.62 percent, Hyundai Mobis tumbled 1.69 percent, Hyundai Motor tanked 2.15 percent, Kia Motors plunged 2.65 percent and Samsung Electronics was unchanged.

The lead from Wall Street is negative as the major averages fluctuated early Monday but then headed well into the red and finished under pressure.

The Dow dropped 162.92 points or 0.49 percent to finish at 32,757.54, while the NASDAQ retreated 159.38 points or 1.49 percent to close at 10,546.03 and the S&P 500 slumped 34.70 points or 0.90 percent to end at 3,817.66.

The extended weakness on Wall Street came as traders continue to express concerns about the outlook for the economy. The Federal Reserve said it will continue raising interest rates next year, leading to worries the aggressive policy tightening will tip the economy into a recession.

In U.S. economic news, the National Association of Home Builders reported that homebuilder confidence in the U.S. unexpectedly saw a continued deterioration in December.

Crude oil prices climbed higher on Monday amid optimism about increased demand for oil from China after the country relaxed certain COVID-related restrictions. West Texas Intermediate Crude oil futures for January ended higher by $0.91 or 1.25 percent at $75.20 a barrel.