KOSPI May Test Support At 2,700 Points

(RTTNews) - The South Korea stock market has moved lower in three straight sessions, slipping more than 20 points or 0.8 percent along the way. The KOSPI now sits just above the 2,720-point plateau and it may extend its losing streak on Friday.

The global forecast for the Asian markets is soft on persistent concerns over the outlook for interest rates. The European markets were mixed and flat and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The KOSPI finished barely lower on Thursday as losses from the financials and energy companies were offset by mixed performances from the technology, chemical and automobile stocks.

For the day, the index eased 1.65 points or 0.06 percent to finish at 2,721.81. Volume was 421.6 million shares worth 11.3 trillion won. There were 530 decliners and 349 gainers.

Among the actives, Shinhan Financial shed 0.63 percent, while KB Financial tumbled 2.28 percent, Hana Financial retreated 1.61 percent, Samsung Electronics improved 0.77 percent, Samsung SDI sank 0.73 percent, LG Electronics perked 0.10 percent, SK Hynix climbed 1.16 percent, Naver fell 0.27 percent, LG Chem rallied 2.87 percent, Lotte Chemical plunged 2.66 percent, S-Oil stumbled 1.31 percent, SK Innovation skidded 1.14 percent, POSCO lost 0.77 percent, SK Telecom slid 0.57 percent, KEPCO declined 0.55 percent, Hyundai Mobis slumped 1.09 percent, Hyundai Motor surrendered 1.99 percent and Kia Motors accelerated 1.35 percent.

The lead from Wall Street is weak as the major averages opened mixed on Thursday but headed south as the day progressed to end firmly in the red.

The Dow plunged 605.78 points or 1.53 percent to finish at 39,065.26, while the NASDAQ sank 65.51 points or 0.39 percent to close at 16,736.03 and the S&P 500 lost 39.17 points or 0.74 percent to end at 5,267.84.

Initial strength on Wall Street came as tech stocks rallied following upbeat quarterly results from chipmaker Nvidia (NVDA), which reported better than expected fiscal first quarter results and provided upbeat guidance.

Buying interest waned shortly after the start of trading, however, as concerns about the outlook for interest rates continue to hang over the broader markets following Wednesday's slightly hawkish Fed minutes.

Potentially adding to the rate concerns, the Labor Department released a report showing first-time claims for U.S. unemployment benefits fell more than expected last week.

Oil futures settled lower on Thursday for a fourth straight session amid concerns about the outlook for demand, and on data showing an unexpected jump in crude inventories in the U.S. last week. West Texas Intermediate Crude oil futures for July sank $0.70 or 0.9 percent at $76.87 a barrel.