South Korea Shares May Hand Back Friday's Gains

(RTTNews) - The South Korea stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day winning streak in which it had rallied more than 210 points or 3.6 percent. The KOSPI now sits just above the 5,550-point plateau although it may head south again on Monday.

The global forecast for the Asian markets is negative on rising oil prices and ahead of this week's U.S. rate decision. The European and U.S. markets were down and the Asian bourses are likely to open in similar fashion.

The KOSPI finished modestly higher on Friday as gains from the shipbuilders and defense stocks were offset by weakness among the technology and industrial sectors.

For the day, the index added 16.53 points or 0.30 percent to finish at 5,550.30. Volume was 236 million shares worth 16.5 trillion won. There were 716 decliners and 173 gainers.

The lead from Wall Street is weak as the major averages opened lower on Friday and mostly stayed under water, finishing near session lows.

The Dow tumbled 652.84 points or 1.23 percent to finish at 52,215.16, while the NASDAQ sank 53.56 points or 0.21 percent to close at 25,955.34 and the S&P 500 lost 39.75 points or 0.52 percent to end at 7,623.68.

For the week, the Dow rose 0.4 percent, the NASDAQ shed 0.7 percent and the S&P fell 0.5 percent.

Lingering concerns about the artificial intelligence trade contributed to the weakness on Wall Street along with a continued increase in the price of crude oil.

Crude oil prices spiked on Friday on rising fears of fresh U.S.-Iran conflict, as well as the ongoing Houthi-Saudi Arabia violence. West Texas Intermediate crude for December delivery was up $3.54 or 3.56 percent at $103.01 per barrel.

However, traders were reluctant to make more significant moves ahead of several key events this week, including the Federal Reserve's latest monetary policy meeting. The Fed is scheduled to announce its latest monetary policy decision on Wednesday and leave rates unchanged.