South Korea Stock Market May Halt Losing Streak

(RTTNews) - The South Korea stock market has finished lower in four straight sessions, sinking almost 70 points or 3 percent along the way. The KOSPI now rests just above the 2,330-point plateau although it may stop the bleeding on Wednesday.

The global forecast for the Asian markets is cautiously optimistic, with bargain hunting expected after days of heavy selling on recession fears. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The KOSPI finished modestly lower on Tuesday as losses from the technology stocks and industrials were mitigated by support from the financial sector.

For the day, the index lost 18.88 points or 0.80 percent to finish at 2,333.29 after trading between 2,324.66 and 2,353.86. Volume was 353.63 million shares worth 5.2 trillion won. There were 753 decliners and 133 gainers.

Among the actives, Shinhan Financial collected 0.80 percent, while KB Financial jumped 1.34 percent, Hana Financial rose 0.11 percent, Samsung Electronics slumped 1.51 percent, Samsung SDI was down 0.31 percent, LG Electronics dropped 0.92 percent, SK Hynix sank 0.89 percent, Naver stumbled 1.63 percent, LG Chem slid 0.32 percent, Lotte Chemical tanked 2.08 percent, S-Oil lost 0.69 percent, SK Innovation tumbled 1.79 percent, POSCO dipped 0.18 percent, SK Telecom shed 0.51 percent, KEPCO added 0.47 percent, Hyundai Mobis fell 0.49 percent, Hyundai Motor retreated 1.26 percent and Kia Motors was unchanged.

The lead from Wall Street suggests mild upside as the major averages opened lower, bounced back and forth across the unchanged line and finally moved into positive territory for good in the afternoon.

The Dow advanced 92.20 points or 0.28 percent to finish at 32,848,74, while the NASDAQ perked 1.08 points or 0.01 percent to close at 10,547.11 and the S&P 500 rose 3.96 points or 0.10 percent to end at 3,821.62.

The modest strength on Wall Street came as traders looked to pick up stocks at reduced levels following recent weakness. The major averages had closed lower for four consecutive session, ending Monday's trading at their lowest closing levels in over a month.

Buying interest remained somewhat subdued, however, with some traders reluctant to get back into the markets amid lingering concerns the Federal Reserve's aggressive interest rate hikes will tip the economy into a recession.

In economic news, the Commerce Department reported a decrease in new residential construction and building permits in the U.S. in November.

Crude oil bounced higher on Tuesday thanks to an improving demand outlook and a slightly weaker dollar. West Texas Intermediate rose $0.83 or 1.10 percent to $76.02 per barrel.