More pain predicted for South Korean stock market

(RTTNews) – Ahead of Thursday’s Children’s Day holiday, the South Korean stock market had finished lower in two consecutive sessions, slipping more than 15 points or 0.7% along the way. KOSPI now rests just below the 2,680 plateau and is likely to take further damage again on Friday.

The global forecast for Asian markets suggests a consolidation of concerns about the outlook for interest rates and the global economy. European and US markets were significantly lower and Asian exchanges are expected to open similarly.

The KOSPI ended slightly lower on Wednesday as losses in tech stocks were mitigated by support from financials and chemical companies.

For the day, the index fell 2.89 points or 0.11% to end at 2,677.57 after trading between 2,667.23 and 2,696.03. The volume was 11.5 billion shares worth 9.7 trillion won. There were 594 rejections and 272 winners.

Among assets, Shinhan Financial rose 2.04%, while KB Financial jumped 2.22%, Hana Financial accelerated 2.27%, Samsung Electronics added 0.59%, Samsung SDI fell 1.92%, SK Hynix lost 0.45%, LG Chem rose 0.19%, Lotte Chemical improved 0.76%, S-Oil 1.42%, POSCO 0.87%, SK Telecom by 0.69%, KEPCO by 3.61%, Hyundai Motor by 0.27% and Kia Motors, Naver, SK Innovation and LG Electronics remained unchanged.

Wall Street’s advance is broadly negative as major averages opened under pressure and saw losses accelerate as the day progressed, ending deep in the red.

The Dow Jones fell 1,063 points or 3.12% to end at 32,997.97, while the NASDAQ plunged 647.16 points or 4.99% to close at 12,317.16 and the S&P 500 rose. fell 153.30 points or 3.56% to end at 4,146.87.

The selloff on Wall Street came as traders took advantage of the rally following the Federal Reserve’s monetary policy announcement on Wednesday, which was less hawkish than some had feared.

But worries about rising rates, inflation, the economic outlook and the ongoing war in Ukraine remain, contributing to the sharp pullback on Wall Street. A sharp rise in Treasury yields also weighed as the yield on the benchmark ten-year note hit its highest level in three years.

Traders were also eagerly awaiting the release of the Labor Department’s closely watched monthly jobs report later in the day.

Crude oil futures settled higher on Thursday, benefiting from the European Union’s proposal to impose sanctions on Russian oil, although prices pared some gains as the dollar rebounded higher. purchase of safe havens. West Texas Intermediate crude oil futures for June ended up $0.45 or 0.4% at $108.26 a barrel.

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