Steady Start Eyed For South Korea Stock Market

(RTTNews) - The South Korea stock market has moved lower in three straight sessions, slipping more than 30 points or 1.2 percent along the way. The KOSPI now rests just above the 2,490-point plateau and it may inch slightly higher on Friday.

The global forecast for the Asian markets is mixed to lower on concerns of economic slowdown. The European and U.S. markets ended mostly lower and the Asian bourses figure to follow suit.

The KOSPI finished slightly lower on Thursday as losses from the technology stocks were offset by support from the financials and mixed performances from the oil, chemical and industrial companies.

For the day, the index slipped 5.51 points or 0.22 percent to finish at 2,491.00. Volume was 635.97 million shares worth 8.82 trillion won. There were 502 gainers and 356 decliners.

Among the actives, Shinhan Financial strengthened 1.44 percent, while KB Financial collected 1.23 percent, Hana Financial spiked 2.57 percent, Samsung Electronics slumped 0.62 percent, Samsung SDI fell 0.30 percent, LG Electronics advanced 1.13 percent, SK Hynix shed 0.69 percent, Naver gained 0.48 percent, LG Chem plunged 2.54 percent, Lotte Chemical soared 3.31 percent, S-Oil rose 0.28 percent, SK Innovation skidded 1.16 percent, POSCO dropped 0.96 percent, SK Telecom jumped 1.51 percent, KEPCO added 0.52 percent, Hyundai Mobis improved 1.55 percent, Hyundai Motor sank 0.95 percent and Kia Motors perked 0.11 percent.

The lead from Wall Street is uninspired as the major averages opened lower on Thursday and only the NASDAQ was able to peek slightly into the green by the end of the session.

The Dow tumbled 221.82 points or 0.66 percent to finish at 33,309.51, while the NASDAQ rose 22.07 points or 0.18 percent to close at 12,328.51 and the S&P 500 slipped 7.02 points or 0.17 percent to end at 4,130.62.

The weakness on Wall Street came among disappointing earnings news from the likes of Disney (DIS), while renewed concerns about turmoil in the banking sector also weighed.

In economic news, the Labor Department said its producer price index for final demand rose less than expected, adding to optimism the Federal Reserve will leave interest rates unchanged next month.

The Labor Department also said that initial jobless claims climbed to their highest level in well over a year last week.

Crude oil prices fell sharply on Thursday amid uncertainty about the outlook for energy demand, while a firm dollar also weighed. West Texas Intermediate Crude oil futures for June ended lower by $1.69 or 2.3 percent at $70.87 a barrel.

Closer to home, South Korea will release March figures for its M2 money stock later today, with forecasts calling for an increase of 4.8 percent on month following the 4.4 percent increase in February.