South Korea Bourse Tipped To Remain Rangebound

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The South Korea stock market on Friday halted the five-day winning streak in which it had spiked almost 75 points or 3.7 percent. The KOSPI now rests just above the 1,970-point plateau and it may remain stuck in neutral again on Monday.

The global forecast for the Asian markets offers little clarity as optimism over reopening economies was tempered by rising tensions between the United States and China. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow suits.

The KOSPI finished sharply lower on Friday following losses from the financials, technology stocks, oil companies and industrials.

For the day, the index dropped 28.18 points or 1.41 percent to finish at 1,970.13 after trading between 1,961.40 and 2,002.65. Volume was 832 million shares worth some 9.3 trillion won. There were 719 decliners and 157 gainers.

Among the actives, Shinhan Financial declined 1.36 percent, while KB Financial surrendered 2.81 percent, Hana Financial lost 2,51 percent, Samsung Electronics tumbled 2.40 percent, LG Electronics slid 0.92 percent, SK Hynix tanked 2.52 percent, SK Innovation, S-Oil and POSCO all sank 2.82 percent, Lotte Chemical plunged 3.17 percent, LG Chem eased 0.13 percent, SK Telecom shed 2.11 percent, KEPCO fell 1.62 percent, Hyundai Motors retreated 2.78 percent and Kia Motors skidded 1.63 percent.

The lead from Wall Street is murky as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before ending mixed.

The Dow fell 8.96 points or 0.04 percent to end at 24,465.16, while the NASDAQ added 39.71 points or 0.43 percent to finish at 9.324.59 and the S&P 500 rose 6.94 points or 0.24 percent to end at 2,955.45. For the week, the Dow jumped 3.3 percent, the NASDAQ spiked 3.4 percent and the S&P climbed 3.2 percent.

The choppy trading on Wall Street came as traders were reluctant to make significant moves in light of the volatility seen in recent sessions. Concerns about rising tensions between the U.S. and China also kept traders on the sidelines, as Beijing moved to strengthen control over Hong Kong with new security laws.

The latest developments come after the Senate passed a bill on Wednesday that would potentially delist Chinese stocks from U.S. exchanges.

Crude oil prices drifted lower Friday as concerns about the outlook for energy demand resurfaced due to rising tensions between the U.S. and China over Hong Kong. West Texas Intermediate Crude oil futures for July ended down $0.67 or 2 percent at $33.25 a barrel.

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2020-05-24 19:01:29

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