Slight selling pressure expected for South Korean stocks

(RTTNews) – South Korea’s stock market has fallen in three consecutive sessions, dropping nearly 130 points or 4.9% along the way. KOSPI now sits just above the 2,620 plateau and is expected to extend its losses on Wednesday.

Global forecasts for Asian markets suggest volatility amid the ongoing Russian invasion of Ukraine and the resulting spike in crude oil prices. European markets were mixed and flat and US markets were down and Asian exchanges figured to share the difference.

The KOSPI ended sharply lower again on Tuesday after losses in financials, industrials and technology stocks.

For the day, the index fell 28.91 points or 1.09% to end at 2,622.40 after trading between 2,605.81 and 2,647.18. The volume was 531 million shares worth 11.5 trillion won. There were 732 refusals and 148 winners.

Among assets, Shinhan Financial fell 2.15%, while KB Financial fell 3.27%, Hana Financial fell 2.21%, Samsung Electronics lost 0.86%, LG Electronics lost 2, 07%, SK Hynix fell 1.26%, Naver fell 0.81%, Samsung SDI fell 2.74%. percent, LG Chem fell 2.14 percent, Lotte Chemical fell 0.26 percent, S-Oil fell 1.82 percent, SK Innovation slipped 1.46 percent, POSCO lost plunged 3.15 percent, SK Telecom fell 0.35 percent, KEPCO added 0.64 percent, Kia Motors fell 2.11 percent and Hyundai Motor was unchanged.

Wall Street’s lead ends up negative as the major averages opened slightly higher on Tuesday but then bounced off the unchanged line, eventually ending in modest losses.

The Dow Jones lost 184.74 points or 0.56% to end at 32,632.64, while the NASDAQ lost 35.41 points or 0.28% to close at 12,795.55 and the S&P 500 lost 30.39 points or 0.72% to end at 4,170.70.

Volatility on Wall Street came as crude oil prices continued to soar when President Joe Biden formally announced a US ban on imports of Russian oil, liquefied natural gas and coal in response to the invasion. unprovoked of Ukraine by Russia.

Crude oil prices rose on Tuesday amid concerns over global oil supplies after Biden announced a ban on imports of Russian energy products. West Texas Intermediate crude oil futures for April ended up $4.30 or 3.6% at $123.70 a barrel.

Gas stations are raising prices alongside soaring oil futures, as AAA said the average price of a gallon of gasoline hit a record high of $4.173. The national average gasoline price rose nearly $0.11 a gallon from yesterday and more than $0.55 a gallon from a week ago.

Rising gasoline prices are expected to weigh on consumer spending in other areas, potentially causing an economic slowdown even as the Federal Reserve prepares to start raising interest rates.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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