Steady Start Eyed For South Korea Stock Market

(RTTNews) - The South Korea stock market has moved lower in back-to-back sessions, shedding almost 25 points or 1 percent along the way. The KOSPI now sits just beneath the 2,610-point plateau although it may find traction on Friday.

The global forecast for the Asian markets suggests mild upside on decent earnings and economic news. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.

The KOSPI finished barely lower on Thursday as losses from the chemical and automobile companies were offset by support from the technology stocks and a mixed performance from the financial sector.

For the day, the index dipped 1.06 points or 0.04 percent to finish at 2,609.30 after trading between 2,603.52 and 2,622.71. Volume was 325 million shares worth 9.7 trillion won. There were 511 decliners and 358 gainers.

Among the actives, Shinhan Financial collected 0.71 percent, while KB Financial and SK Telecom both tumbled 1.78 percent, Hana Financial dipped 0.15 percent, Samsung Electronics added 0.34 percent, Samsung SDI surrendered 1.76 percent, LG Electronics perked 0.10 percent, SK Hynix spiked 3.87 percent, Naver skidded 1.13 percent, LG Chem tanked 2.21 percent, Lotte Chemical plunged 3.27 percent, S-Oil rose 0.17 percent, SK Innovation added 0.63 percent, POSCO slumped 1.44 percent, Hyundai Mobis gained 0.21 percent, Hyundai Motor plummeted 4.66 percent, Kia Motors stumbled 2.66 percent and KEPCO was unchanged.

The lead from Wall Street offers little clarity as the major averages opened higher on Thursday but ebbed and flowed as the day progressed, finally ending mixed and little changed.

The Dow climbed 161.35 points or 0.37 percent to finish at a record 43,239.05, while the NASDAQ rose 6.53 points or 0.04 percent to close at 18,373.61 and the S&P 500 dipped 1.00 point or 0.02 percent to end at 5,841.47.

Strength among semiconductor stocks supported the markets for much of the session before a late-day pullback, although the Philadelphia Semiconductor Index still ended up 1.0 percent.

The strength in the sector came after Taiwan Semiconductor Manufacturing Company (TSM) reported a sharp increase in third quarter profits.

In economic news, Commerce Department said retail sales increased more than expected in September. Also, the Labor Department noted an unexpected pullback by first-time claims for U.S. unemployment benefits last week.

Oil futures snapped a four-day losing streak on Thursday, supported by data showing an unexpected drop in crude inventories. West Texas Intermediate Crude oil futures for November added $0.28 or 0.4 percent at $70.67 a barrel.