May 18, 2021

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Profit Taking Expected For South Korea Stock Market

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The South Korea stock market has finished higher in seven straight sessions, rising almost 70 points or 2.9 percent along the way. The KOSPI now sits just above the 3,220-point plateau although it’s overdue for consolidation on Wednesday.

The global forecast for the Asian markets is negative on rising coronavirus cases and the possibility of subsequent lockdown measures. The European and U.S. markets finished in the red and the Asian bourses are expected to follow suit.

The KOSPI finished modestly higher on Tuesday following gains from the financial shares, technology stocks and chemical companies.

For the day, the index advanced 21.86 points or 0.68 percent to finish at 3,220.70 after trading between 3,195.96 and 3,220.82. Volume was 1.3 billion shares worth 14.3 trillion won. There were 671 gainers and 191 decliners.

Among the actives, Shinhan Financial jumped 1.90 percent, while KB Financial collected 1.53 percent, Hana Financial soared 3.30 percent, Samsung Electronics added 0.72 percent, LG Electronics spiked 0.58 percent, SK Hynix rose 0.36 percent, Naver was up 0.26 percent, LG Chem climbed 1.36 percent, Lotte Chemical improved 0.52 percent, S-Oil advanced 1.02 percent, SK Innovation sank 1.29 percent, POSCO gained 0.42 percent, SK Telecom gathered 1.33 percent, KEPCO perked 0.21 percent, Hyundai Motor shed 0.43 percent and Kia Motors increased 0.23 percent.

The lead from Wall Street is soft as the major averages opened in the red and stayed that way, extending losses from the previous session.

The Dow tumbled 256.33 points or 0.75 percent to finish at 33,821.30, while the NASDAQ sank 128.50 points or 0.92 percent to end at 13,786.27 and the S&P 500 fell 28.32 points or 0.68 percent to close at 4,134.94.

The weakness on Wall Street came as traders continued to cash in on the recent strength in the markets after the Dow and the S&P 500 ended last week at new record closing highs.

A new wave of coronavirus infections overseas also weighed on the markets amid concerns about new restrictions and the impact on the global economy.

Meanwhile, traders largely shrugged off upbeat earnings news from companies like Procter & Gamble (PG), Johnson & Johnson (JNJ) and Travelers (TRV).

Crude oil prices slipped on Tuesday amid rising concerns about the outlook for energy demand due to surging coronavirus infections in India. West Texas Intermediate Crude oil futures May ended down $0.94 or 1.5 percent at $62.44 a barrel, on the expiration day. WTI Contracts for June closed lower by $0.76 or 1.2 percent at $62.67 a barrel.

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2021-04-20 19:01:45

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