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South Korea Bourse May Extend Thursday’s Losses

The South Korea stock market on Thursday ended the two-day winning streak in which it had gained more than 25 points or 1 percent. The KOSPI now sits just above the 2,415-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets is negative on rising concerns about the outlook for interest rates and ongoing geopolitical risks. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

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

For the day, the index dropped 46.80 points or 1.90 percent to finish at 2,415.80. Volume was 739.5 million shares worth 8.7 trillion won. There were 808 decliners and 94 gainers.

Among the actives, Shinhan Financial slumped 1.24 percent, while KB Financial dropped 0.87 percent, Hana Financial fell 0.57 percent, Samsung Electronics retreated 1.42 percent, Samsung SDI plummeted 3.52 percent, LG Electronics slid 0.38 percent, SK Hynix plunged 3.31 percent, Naver lost 2.63 percent, LG Chem surrendered 2.37 percent, Lotte Chemical weakened 1.76 percent, S-Oil tanked 1.65 percent, SK Innovation tumbled 2.17 percent, POSCO sank 4.60 percent, SK Telecom added 0.40 percent, KEPCO skidded 1.17 percent, Hyundai Mobis declined 1.10 percent, Hyundai Motor stumbled 1.51 percent and Kia Motors rose 0.24 percent.

The lead from Wall Street remains soft as the major averages opened slightly higher on Thursday, bounced back and forth across the unchanged line throughout the session before late weakness nudged them firmly into the red.

The Dow dropped 250.91 points or 0.75 percent to finish at 33,414.17, while the NASDAQ sank 128.13 points or 0.96 percent to end at 13,186.18 and the S&P 500 lost 36.60 points or 0.85 percent to close at 4,278.00.

The volatility on Wall Street came as Federal Reserve Chair Jerome Powell delivered highly anticipated remarks at an Economic Club of New York luncheon. Powell argued that inflation is “still too high” and warned additional monetary policy tightening may be needed.

Treasury yields moved higher following Powell’s remarks, extending the upward trend seen over the past few sessions and once again reaching 16-year highs.

In economic news, the Labor Department said initial jobless claims unexpectedly declined to a nearly nine-month low last week.

Crude oil futures settled higher Thursday after early losses, as Israel reportedly prepared to move into Gaza to fight against Hamas. West Texas Intermediate Crude oil futures for November added $1.05 or 1.2 percent at $89.37 a barrel.

Source : Nasdaq