Tech Shares May Weigh On South Korea Stock Market

(RTTNews) - The South Korea stock market has finished lower in back-to-back sessions, sinking more than 15 points or 0.6 percent along the way. The KOSPI now rests just beneath the 2,410-point plateau and it may remain stuck in neutral on Tuesday. The global forecast for the Asian markets is positive on easing concerns over the health of the financial sector. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference. The KOSPI finished slightly lower on Monday following losses from the automobile producers, gains from the energy companies and mixed performances from the financials and technology shares. For the day, the index fell 5.74 points or 0.24 percent to finish at 2,409.22 after trading between 2,395.97 and 2,423.94. Volume was 465.77 million shares worth 8.4 trillion won. There were 555 decliners and 313 gainers. Among the actives, Shinhan Financial collected 0.87 percent, while KB Financial sank 0.74 percent, Hana Financial shed 0.62 percent, Samsung Electronics slumped 1.43 percent, Samsung SDI gained 0.56 percent, LG Electronics added 0.44 percent, SK Hynix and Kia Motors both tumbled 2.06 percent, Naver retreated 1.58 percent, LG Chem climbed 1.16 percent, Lotte Chemical dipped 0.17 percent, S-Oil rose 0.13 percent, SK Innovation surged 4.51 percent, POSCO soared 3.11 percent, SK Telecom perked 0.10 percent, KEPCO spiked 2.45 percent, Hyundai Mobis added 0.48 percent and Hyundai Motor dropped 0.90 percent.

The lead from Wall Street is mixed to higher as the major averages opened in the green on Monday, although the tech-heavy NASDAQ quickly slipped into negative territory and never emerged.

The Dow jumped 194.55 points or 0.60 percent to finish at 32,432.08, while the NASDAQ sank 55.12 points or 0.47 percent to end at 11,768.84 and the S&P 500 rose 6.54 points or 0.16 percent to close at 3,977.53.

The early strength on Wall Street came as traders looked to build on last week's gains as fears of a global banking crisis once again eased following the latest developments in the sector.

Shares of First Citizens BancShares (FCNCA) skyrocketed after the company reached an agreement with the FDIC to purchase all deposits and loans of failed Silicon Valley Bridge Bank.

U.S.-listed shares of Deutsche Bank (DB) also showed a strong move back to the upside after German Chancellor Olaf Scholz noted the bank remains profitable.

Crude oil prices climbed higher on Monday amid concerns about oil supply after Russian President Vladmir Putin said he will station tactical nuclear weapons in ally Belarus. West Texas Intermediate Crude oil futures for May surged $3.55 or 5.1 percent at $72.81 a barrel.