South Korea Shares May Extend Losing Streak

(RTTNews) - The South Korea stock market has ticked lower in back-to-back sessions, slipping almost 10 points or 0.4 percent along the way. The KOSPI now rests just beneath the 2,700-point plateau and it may take further damage again on Tuesday.

The global forecast for the Asian markets is mixed to lower, with profit taking expected following recent optimism over the outlook for interest rates. The European markets were mixed and the U.S. bourses were down 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 financials and chemicals and a mixed picture from the technology companies.

For the day, the index dipped 3.68 points or 0.14 percent to finish at 2,698.01. Volume was 329 million shares worth 8.97 trillion won. There were 509 decliners and 376 gainers.

Among the actives, Shinhan Financial rallied 2.33 percent, while KB Financial jumped 1.96 percent, Hana Financial collected 2.33 percent, Samsung Electronics stumbled 2.06 percent, Samsung SDI added 0.45 percent, LG Electronics gained 0.51 percent, SK Hynix tanked 3.18 percent, Naver soared 3.52 percent, LG Chem improved 0.63 percent, Lotte Chemical accelerated 2.53 percent, SK Innovation climbed 1.04 percent, POSCO strengthened 1.47 percent, SK Telecom fell 0.18 percent, KEPCO surged 4.25 percent, Hyundai Mobis advanced 0.91 percent, Hyundai Motor skidded 1.19 percent and Kia Motors slumped 1.15 percent.

The lead from Wall Street is soft as the major averages opened slightly higher on Monday but quickly headed south, eventually all ending under water.

The Dow dipped 0.02 points or 0.00 percent to finish at 41,175.08, while the NASDAQ sank 152.03 points or 0.85 percent to close at 17,725.77 and the S&P 500 lost 17.77 points or 0.32 percent to end at 5,616.84.

The Dow found mild support from 3M Co. (MMM), Coca-Cola (KO) and Walt Disney (DIS). On the other hand, substantial weakness among semiconductor stocks weighed on the NASDAQ, with the Philadelphia Semiconductor Index plunging by 2.5 percent.

Within the semiconductor sector, AI darling Nvidia (NVDA) slumped by 2.3 percent ahead of the release of its fiscal second quarter results on Wednesday.

On the U.S. economic front, the Commerce Department released a report showing a sharp increase by new orders for U.S. manufactured durable goods in July.

The price of crude oil moved sharply higher on Monday, extending recent gains amid renewed geopolitical concerns after Hezbollah and Israeli forces exchanged attacks across the Lebanon-Israel border. West Texas Intermediate crude for October delivery shot up $2.36 or 3.2 percent to $77.19 a barrel.