(RTTNews) - The South Korea stock market has moved lower in back-to-back sessions, dropping more than 60 points or 2.3 percent along the way. The KOSPI now sits just above the 2,555-point plateau and it may extend its losses on Friday.
The global forecast for the Asian markets is broadly negative, with pressure likely among technology stocks amid waning optimism over the outlook for interest rates. The European and U.S. markets finished firmly in the red and the Asian bourses are expected to follow suit.
The KOSPI finished sharply lower on Thursday following losses from the financial shares, technology stocks and industrial issues.
For the day, the index sank 37.64 points or 1.45 percent to finish at 2,556.15 after trading between 2,552.36 and 2,579.65. Volume was 396.7 million shares worth 10.7 trillion won. There were 473 gainers and 401 decliners.
Among the actives, Shinhan Financial plummeted 5.87 percent, while KB Financial stumbled 3.83 percent, Hana Financial tanked 4.31 percent, Samsung Electronics perked 0.17 percent, Samsung SDI retreated 3.54 percent, LG Electronics declined 2.19 percent, SK Hynix plunged 4.46 percent, Naver slumped 2.52 percent, LG Chem weakened 2.18 percent, Lotte Chemical rallied 2.69 percent, SK Innovation skidded 1.18 percent, POSCO dropped 1.32 percent, SK Telecom dipped 0.35 percent, KEPCO added 0.65 percent, Hyundai Mobis gained 0.40 percent, Hyundai Motor surrendered 2.49 percent and Kia Motors tumbled 2.34 percent.
The lead from Wall Street is bleak as the major averages opened solidly under water and stayed that way throughout the trading day.
The Dow tumbled 378.08 points or 0.90 percent to finish at 41,763.46, while the NASDAQ plummeted 512.78 points or 2.76 percent to close at 18,095.15 and the S&P 500 slumped 108.22 points or 1.86 percent to end at 5,705.45.
The sell-off on Wall Street came amid a negative reaction to earnings news from tech giants Microsoft (MSFT) and Meta Platforms (META).
Traders were also reacting to closely watched consumer price inflation data that largely came in line with economist estimates, although core CPI resisted lower forecasts to remain unchanged. That added to recent concerns the Federal Reserve will lower interest rates more slowly than hoped.
Oil prices climbed higher on Thursday amid expectations of increased demand from the U.S. and a likely delay in OPEC's planned output increase from December. West Texas Intermediate Crude oil futures for December ended higher by $0.65 or 0.95 percent at $69.26 a barrel.
Closer to home, South Korea will on Friday see October numbers for imports, exports and trade balance later this morning. Imports are expected to rise 2.3 percent on year, up marginally from 2.2 percent in September. Exports re called higher by an annual 6.1 percent, easing from 7.5 percent in the previous month. The trade surplus is pegged at $4.60 billion, down from $6.66 billion a month earlier.
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