Renewed Consolidation Called For South Korea Shares

The South Korea stock market on Thursday halted the two-day slide in which it had fallen more than a dozen points or 0.6 percent. The KOSPI now rests just beneath the 2,085-point plateau although it’s likely to head south again on Friday.

The global forecast for the Asian markets is negative on continued uncertainty regarding a trade deal between the United States and China. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

The KOSPI finished slightly higher on Thursday following mixed performances from the technology and industrial stocks, while the financials were soft.

For the day, the index rose 3.21 points or 0.15 percent to finish at the daily low of 2,083.48 after peaking at 2,103.71. Volume was 450.54 million shares worth 5.67 trillion won. There were 419 gainers and 372 decliners.

Among the actives, Shinhan Financial tumbled 1.51 percent, while KB Financial skidded 1.18 percent, Hana Financial fell 0.30 percent, LG Electronics plunged 2.34 percent, LG Display climbed 1.11 percent, SK Hynix added 0.61 percent, Samsung SDI lost 1.09 percent, Naver surged 6.15 percent, LG Chem advanced 0.82 percent, POSCO perked 0.24 percent, SK Telecom climbed 1.28 percent, KEPCO sank 1.55 percent, Hyundai Motors gained 0.59 percent, Kia Motors retreated 0.41 percent and Samsung Electronics and Hyundai Mobis were unchanged.

The lead from Wall Street is soft as stocks opened lower on Thursday and remained in the red throughout the session.

The Dow shed 140.46 points or 0.52 percent to 27,046.23, while the NASDAQ lost 11.62points or 0.14 percent to 8,292.36 and the S&P 500 fell 9.21 points or 0.30 percent to 3,037.56.

The pullback on Wall Street came amid renewed uncertainty about the potential for a long-term U.S.-China trade deal as China may be unwilling to budge on the thorniest issues.

Upbeat earnings news helped limit the downside for the markets, however, with Apple (AAPL) and Facebook (FB) posting notable gains after reporting better than expected quarterly results.

In economic news, the Labor Department noted a modest increase in first-time claims for U.S. jobless benefits last week. Also, the Commerce Department said personal income and spending both increased as expected in September.

Crude oil futures drifted lower on Thursday, extending losses to a fourth successive session amid concerns over outlook for energy demand. West Texas Intermediate Crude oil futures for December ended down $0.88 or 1.6 percent at $54.18 a barrel.

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