South Korean stock market tipped to open under pressure

South Korea’s stock market has finished lower in three consecutive sessions, falling more than 40 points, or 1.7 percent, along the way. The KOSPI now rests just above the 2.490-point plateau and has another weak lead for Monday’s trading.

The global forecast for the Asian markets is mixed to ease on concerns about an economic slowdown and a rise in interest rates. The European markets were mixed and the US markets were sharply lower and the Asian markets share the difference.

The KOSPI ended slightly lower on Friday due to losses from the technology stocks were dampened by profits from financial institutions and car manufacturers.

For the day, the index lost 15.36 points or 0.61 percent to finish at 2,494.69 after trading between 2,492.69 and 2,510.72. The volume was 437 million shares worth 6.6 trillion won. There were 587 fallers and 263 risers.

Among the actives, Shinhan Financial rallied 0.56 percent, while KB Financial rose 0.20 percent, Samsung Electronics and LG Electronics both fell 0.98 percent, Samsung SDI slipped 0.96 percent, SK Hynix gained 0.73 percent, Naver slumped 0.80 percent, LG Chem fell 1.69 percent, Lotte Chemical rose 0.55 percent, S-Oil rose 1.84 percent, SK Innovation plunged 2.85 percent, POSCO and SK Telecom both fell 0.39 percent, KEPCO fell 0.23 percent, Hyundai Mobis rose 1.66 percent, Hyundai Motor accelerated 2.15 percent, Kia Motors improved 0.65 percent and Hana Financial was unchanged.

Wall Street’s lead is generally negative as the big averages opened sharply lower on Friday and remained deep in the red throughout the session.

The Dow fell 292.26 points or 0.86 percent to end at 33,706.74, while the NASDAQ plunged 260.08 points or 2.01 percent to close at 12,705.21 and the S&P 500 fell 55.26 points. or 1.29 percent to end at 4,228.48. For the week, the NASDAQ plunged 2.6 percent, the S&P fell 1.2 percent and the Dow fell 0.2 percent.

The weakness on Wall Street came as traders tried to take advantage of recent strength in the markets, which lifted key averages well from their June lows to their best levels in nearly four months.

Traders may also have taken money out of stocks ahead of this week’s economic symposium in Jackson Hole, Wyoming. Comments by Federal Reserve officials at the annual symposium are likely to draw attention as traders look for additional clues about the pace of future rate hikes.

Oil futures were slightly higher on Friday, but posted a weekly loss on concerns about the outlook for energy demand amid fears of a possible recession in Europe. West Texas Intermediate crude futures for September were up $0.27 or 0.3 percent to $90.77 a barrel.

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