The South Korea stock market on Friday snapped the four-day winning streak in which it had soared more than 100 points or 4.9 percent. The KOSPI now rests just above the 2,040-point plateau and it’s looking at another soft start again on Monday.
The global forecast for the Asian markets remains negative on coronavirus fears and its effect on the world economy. The European and U.S. markets were down on Friday and now the Asian bourses are tipped to open in similar fashion.
The KOSPI finished sharply lower on Friday following losses from the financial shares, technology stocks and industrial issues.
For the day, the index lost 45.04 points or 2.16 percent to finish at 2,040.22 after trading between 2,032.13 and 2,062.57.
Among the actives, Shinhan Financial retreated 2.60 percent, while KB Financial plunged 3.23 percent, Hana Financial shed 1.16 percent, Samsung Electronics skidded 2.25 percent, LG Electronics dipped 0.85 percent, LG Chem was down 1.48 percent, SK Hynix sank 2.42 percent, POSCO lost 2.54 percent, SK Telecom added 0.45 percent, KEPCO declined 2.31 percent, Hyundai Motors tumbled 3.07 percent and Kia Motors cratered 3.48 percent.
The lead from Wall Street is soft as stocks opened sharply lower on Friday. They pulled back from sessions lows as the day progressed but still ended firmly in the red.
The Dow shed 256.50 points or 0.98 percent to end at 25,864,78, while the NASDAQ lost 162.98 points or 1.87 percent to 8,575.62 and the S&P 500 fell 51.57 points or 1.71 percent to 2,972.37. For the week, the Dow added 1.8 percent, the NASDAQ gained 0.1 percent and the S&P rose 0.6 percent.
The early selloff on Wall Street came as traders continue to worry about the economic impact of the coronavirus outbreak. Recent data points to a slowdown in new coronavirus