Losing Streak May Continue For South Korea Shares

(RTTNews) - The South Korea stock market has finished lower in back-to-back sessions, stumbling more than 80 points or 3.1 percent in that span. The KOSPI now rests just above the 2,450-point plateau and it figures to open in the red again on Tuesday.

The global forecast for the Asian markets is negative, thanks to concerns over tariffs and how they affect the outlook for interest rates. The European and U.S. markets were down and the Asian bourses figure to follow that lead.

The KOSPI finished sharply lower on Monday with damage across the board, especially among the financials, industrials, chemicals and technology stocks.

For the day, the index plunged 63.42 points or 2.52 percent to finish at 2,453.95 after trading between 2,437.61 and 2,468.74. Volume was 514 million shares worth 11.4 trillion won. There were 822 decliners and 94 gainers.

Among the actives, Shinhan Financial skidded 1.76 percent, while KB Financial stumbled 3.16 percent, Hana Financial slumped 1.98 percent, Samsung Electronics retreated 2.67 percent, Samsung SDI surrendered 6.31 percent, LG Electronics plummeted 7.13 percent, SK Hynix crashed 4.17 percent, Naver rose 0.23 percent, LG Chem sank 6.53 percent, Lotte Chemical lost 4.75 percent, SK Innovation fell 2.39 percent, POSCO Holdings cratered 4.61 percent, SK Telecom advanced 0.90 percent, KEPCO shed 1.90 percent, Hyundai Mobis weakened 2.47 percent, Hyundai Motor declined 1.94 percent and Kia Motors plunged 5.78 percent.

The lead from Wall Street is soft as the major averages opened under water again on Monday and largely stayed that way, although they climbed up off session lows.

The Dow dropped 122.75 points or 0.28 percent to finish at 44,421.91, while the NASDAQ stumbled 235.49 points or 1.20 percent to close at 19,391.96 and the S&P 500 sank 45.96 points or 0.76 percent to end at 5,994.57.

Stocks moved sharply lower in early trading amid concerns about a global trade war after President Donald Trump officially imposed a 25 percent tariff on imports from Canada and Mexico and a 10 percent tariff on imports from China. Trump also threatened possible tariffs against the United Kingdom and the European Union, marking a significant escalation.

Canada and Mexico ordered retaliatory tariffs on American goods, while China vowed countermeasures. The EU also warned of firm retaliation if targeted.

Investors fear that a trade war could hit the earnings of major companies and dent global growth. The tariffs could also lead to renewed inflation fears, leading the Federal Reserve to keep interest rates on hold for longer.

Oil futures settled higher on Monday after Trump's imposed tariffs on imports from Canada threatened to disrupt North America's tightly integrated oil market. West Texas Intermediate Crude oil futures for March settled at $73.16 a barrel, up $0.63 or about 0.87 percent.