May 15, 2021

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South Korea Stock Market May Extend Tuesday’s Losses

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The South Korea stock market on Tuesday snapped the three-day winning streak in which it had advanced more than 45 points or 1.5 percent. The KOSPI now sits just above the 3,215-point plateau and it’s expected to spin its wheels again on Wednesday.

The global forecast for the Asian markets is flat to lower ahead of the Federal Reserve’s monetary policy statement later today. The European markets were slightly lower and the U.S. bourses were mixed and largely flat and the Asian markets figure to open in similar fashion.

The KOSPI finished slightly lower on Tuesday following losses from the automobile producers, gains from the financials and oil and chemical companies and a mixed picture from the technology stocks.

For the day, the index eased 2.11 points or 0.07 percent to finish at 3,215.42 after trading between 3,203.25 and 3,223.05. Volume was 1.5 billion shares worth 16.8 trillion won. There were 437 gainers and 417 decliners.

Among the actives, Shinhan Financial jumped 1.96 percent, while Hana Financial collected 2.09 percent, Samsung Electronics sank 0.72 percent, LG Electronics retreated 1.47 percent, SK Hynix spiked 2.66 percent, Samsung SDI shed 0.58 percent, Naver added 0.66 percent, LG Chem advanced 0.91 percent, Lotte Chemical perked 2.53 percent, S-Oil rose 0.36 percent, SK Innovation accelerated 2.56 percent, POSCO soared 4.14 percent, SK Telecom added 0.47 percent, KEPCO rallied 2.27 percent, Hyundai Motor lost 0.68 percent, Kia Motors dropped 0.97 percent and KB Financial was unchanged.

There’s not much guidance from Wall Street as the major averages spent Tuesday’s session bouncing back and forth across the unchanged line before ending mixed and little changed.

The Dow rose 3.36 points or 0.01 percent to finish at 33,984.93, while the NASDAQ shed 48.56 points or 0.34 percent to end at 14,090.22 and the S&P 500 eased 0.90 points or 0.02 percent to close at 4,186.72.

The choppy trading on Wall Street came as many traders stuck to the sidelines ahead of the Federal Reserve’s latest monetary policy decision later today. The Fed is widely expected to maintain its ultra-easy monetary policy, but traders will look for any changes to the accompanying statement that may signal a shift in the near future.

In U.S. economic news, the Conference Board said consumer confidence spiked in April, hitting its highest level since February 2020.

Crude oil prices moved higher on Tuesday as OPEC’s decision to gradually increase oil output helped offset concerns about energy demand. West Texas Intermediate Crude oil futures for June ended higher by $1.03 or 1.7 percent at $62.94 a barrel.

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2021-04-27 19:02:02

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