Renewed consolidation expected for South Korean stocks
(RTTNews) – The South Korean stock market on Wednesday snapped the two-day slump in which it had fallen more than 30 points or 1.3%. KOSPI is now just below the 2,330 plateau, although it is expected to head south again on Thursday.
The overall forecast for Asian markets is negative due to concerns over the outlook for interest rates. European and American markets were down and Asian markets are expected to open similarly.
The KOSPI ended slightly higher on Wednesday as gains in tech stocks and automakers were capped by weakness in the financial sector.
For the day, the index gained 10.85 points or 0.47% to end at 2,328.61 after trading between 2,312.49 and 2,341.19. The volume was 303 million shares worth 5.9 trillion won. There were 550 winners and 298 decliners.
Shinhan Financial fell 2.81%, while KB Financial fell 1.74%, Hana Financial slipped 1.11%, Samsung Electronics fell 0.17%, LG Electronics gained 0.77% , SK Hynix was up 0.75%, Naver was up 1.71%, LG Chem was up 0.58%, Lotte Chem added 0.60%, S-Oil fell 1.43 %, SK Innovation rose 0.91%, POSCO jumped 1.57%, SK Telecom strengthened 1.45%, KEPCO fell 1.13%, Hyundai Motor rebounded 2.51%, Hyundai Mobis jumped 2.94% and Kia Corporation accelerated 1.40%. .
Wall Street’s lead is weak as major averages opened lower on Wednesday, flirting with the unchanged line before finally ending with modest losses.
The Dow Jones fell 208.54 points or 0.67% to end at 30,772.79, while the NASDAQ fell 17.15 points or 0.15% to end at 11,247.58 and the S&P 500 fell 17.02 points or 0.45% to close at 3,801.78.
Wall Street’s early weakness came as a Labor Department report showing a bigger-than-expected rise in US consumer prices added to concerns about the outlook for interest rates.
The bigger-than-expected jump in inflation has bolstered expectations that the Federal Reserve will raise interest rates by 75 basis points later this month and raises the likelihood of another rate hike by 75 basis points. base in September.
Later that day, the Fed released its Beige Book, a compilation of anecdotal evidence on economic conditions in each of the Fed’s twelve districts, which noted that U.S. economic activity has grown at a modest pace since mid-May.
Crude oil prices shrugged off a surge in US inflation and climbed higher on Wednesday, rebounding smartly after suffering a steep loss in the previous session. West Texas Intermediate crude oil futures for August ended up $0.46 at $96.30 a barrel.
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