South Korea Shares May Extend Losing Streak

(RTTNews) - The South Korea stock market has finished lower in back-to-back sessions, slipping more than 15 points or 0.4 percent along the way. The KOSPI sits just above the 3,470-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets is soft ahead of the release of key inflation data from the United States. 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 Thursday following losses from the automobile producers, gains from the chemicals and mixed performances from the financials and technology stocks.

For the day, the index eased 1.03 points or 0.03 percent to finish at 3,471.11 after trading between 3,454.08 and 3,479.42. Volume was 289 million shares worth 12.4 trillion won. There were 533 decliners and 335 gainers.

Among the actives, Shinhan Financial collected 1.01 percent, while KB Financial dropped 0.87 percent, Hana Financial dipped 0.22 percent, Samsung Electronics advanced 0.82 percent, Samsung SDI improved 0.76 percent, LG Electronics eased 0.13 percent, SK Hynix fell 0.28 percent, Naver skyrocketed 11.40 percent, LG Chem rallied 2.27 percent, Lotte Chemical climbed 1.26 percent, SK Innovation increased 1.27 percent, POSCO Holdings jumped 1.63 percent, SK Telecom perked 0.18 percent, KEPCO stumbled 2.57 percent, Hyundai Mobis tanked 2.27 percent, Hyundai Motor lost 0.23 percent and Kia Motors slumped 0.97 percent.

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

The Dow dropped 173.96 points or 0.38 percent to finish at 45,947.32, while the NASDAQ sank 113.16 points or 0.50 percent to end at 22,384.70 and the S&P 500 lost 33.25 points or 0.50 percent to close at 6,604.72.

The continued weakness on Wall Street partly reflected ongoing concerns about the near-term outlook for the artificial intelligence trade.

Renewed uncertainty about the outlook for interest rates also weighed on the markets following the release of some upbeat U.S. economic data.

Later today, the Commerce Department is scheduled to release its report on personal income and spending in August, which includes the Fed's preferred readings on consumer price inflation.

Crude oil inched higher on Thursday amid the possibility of Russian oil exports being hit by sanctions by the U.S. West Texas Intermediate crude for November delivery was up $0.08 or 0.12 percent at $65.07 per barrel.