South Korea Stock Market May Extend Tuesday's Losses

(RTTNews) - The South Korea stock market on Tuesday ended the two-day winning streak in which it had collected almost 30 points or 1.2 percent. The KOSPI now sits just above the 2,580-point plateau and the losses may accelerate on Wednesday.

The global forecast for the Asian markets suggests mild consolidation on growth concerns. The European and U.S markets were down and the Asian markets are predicted to open in similar fashion.

The KOSPI finished slightly lower on Tuesday as losses from the financials and automobile producers were mitigated by support from the steel and telecom stocks and a mixed picture from the technology shares.

For the day, the index dipped 2.37 points or 0.09 percent to finish at 2,582.18. Volume was 377.33 million shares worth 7.36 trillion won. There were 537 decliners and 337 gainers.

Among the actives, Shinhan Financial shed 0.42 percent, while KB Financial eased 0.19 percent, Hana Financial lost 0.50 percent, Samsung Electronics sank 0.70 percent, Samsung SDI advanced 0.98 percent, LG Electronics slumped 0.29 percent, SK Hynix perked 0.17 percent, Naver rose 0.24 percent, LG Chem climbed 1.02 percent, Lotte Chemical retreated 1.63 percent, S-Oil slid 0.39 percent, SK Innovation sank 0.39 percent, POSCO improved 1.19 percent, SK Telecom added 0.63 percent, KEPCO declined 0.56 percent, Hyundai Mobis gained 0.42 percent, Hyundai Motor fell 0.37 percent and Kia Motors stumbled 1.12 percent.

The lead from Wall Street is weak as the major averages opened lower on Tuesday and largely remained in the red throughout the session.

The Dow dropped 195.74 points or 0.56 percent to finish at 34,641.97, while the NASDAQ dipped 10.86 points or 0.08 percent to close at 14,020.95 and the S&P 500 fell 18.94 points or 0.42 percent to end at 4,496.83.

Concerns about the outlook for global economy following the release of disappointing Chinese and European data weighed on the market. A firm dollar and higher Treasury yields hurt as well.

In economic news, the Commerce Department reported a significant pullback in factory orders in July.

Oil prices climbed higher on Tuesday after Saudi Arabia and Russia announced they will extend their voluntary production cuts by three months. West Texas Intermediate Crude oil futures for October ended higher by $1.14 or about 1.3 percent at $86.69 a barrel.