South Korea Shares May Open Under Pressure On Wednesday

(RTTNews) - The South Korea stock market turned lower again on Tuesday, one day after snapping the two-day slide in which it had fallen almost 25 points or 1 percent. The KOSPI now rests just above the 2,510-point plateau and it may take further damage on Wednesday.

The global forecast for the Asian markets suggests mild consolidation ahead of key inflation data later in the day. The European markets were mixed and the U.S. bourses were slightly lower and the Asian markets figure to open in similar fashion.

The KOSPI finished slightly lower on Tuesday as losses from the financials and technology stocks were mitigated by support from the industrials and telecoms.

For the day, the index dipped 3.15 points or 0.13 percent to finish at 2,510.06 after trading between 2,495.63 and 2,514.81. Volume was 739.67 million shares worth 9.17 trillion won. There were 503 decliners and 358 gainers.

Among the actives, Shinhan Financial shed 0.56 percent, while KB Financial eased 0.20 percent, Hana Financial dipped 0.4 percent, Samsung Electronics dropped 0.91 percent, Samsung SDI sank 0.58 percent, LG Electronics fell 0.36 percent, SK Hynix retreated 1.58 percent, Naver jumped 1.93 percent, LG Chem and S-Oil both lost 0.55 percent, Lotte Chemical was up 0.12 percent, SK Innovation rallied 2.16 percent, POSCO perked 1.22 percent, SK Telecom rose 0.10 percent, KEPCO climbed 1.21 percent, Hyundai Mobis advanced 1.13 percent, Hyundai Motor accelerated 1.23 percent and Kia Motors added 0.57 percent.

The lead from Wall Street is soft as the major averages opened lower on Tuesday and spent most of the session in the red, finishing with modest losses.

The Dow shed 56.88 points or 0.17 percent to finish at 33,561.81, while the NASDAQ dropped 77.37 points or 0.63 percent to close at 12,179.55 and the S&P 500 sank 18.95 points or 0.46 percent to end at 4,119.17.

The weakness on Wall Street came as traders continued to move money out of relatively risky assets like stocks ahead of the release of key inflation data later today.

The reports on consumer and producer price inflation, which are due to be released on Wednesday and Thursday, respectively, could have a significant impact on the outlook for interest rates.

The weakness on Wall Street may also have reflected concerns about the debt ceiling ahead of a meeting between President Joe Biden and House Speaker Kevin McCarthy, R-Calif. that could result in default if not addressed.

Crude oil prices shook off early weakness to finish higher amid expectations of higher seasonal demand and on the U.S. government's plans to refill the emergency oil reserve. West Texas Intermediate Crude oil futures for June settled at $73.71 a barrel, gaining $0.55 or 0.8 percent.