The South Korean stock market has been in a downward trend for three consecutive sessions, with a cumulative decline exceeding 180 points, or 3.2%. The KOSPI index now hovers just above the 2,480 mark, with expectations for continued losses on Wednesday.
Globally, the forecast for Asian markets appears bleak as they await pivotal U.S. inflation data scheduled for release later today. Both European and U.S. markets experienced downturns, and the Asian markets are likely to follow this negative trajectory.
On Tuesday, the KOSPI closed significantly lower, influenced by downturns in financial, technology, and automobile sectors. The index dropped by 49.09 points, or 1.94%, closing at 2,482.57, after fluctuating between 2,481.53 and 2,532.44 throughout the day. Trading volume reached 719 million shares, amounting to 12.3 trillion won, with 787 stocks declining and 120 gaining.
In terms of specific stocks, Shinhan Financial fell by 1.24%, Hana Financial decreased by 0.65%, Samsung SDI and Samsung Electronics both plunged by 3.64%, LG Electronics declined by 2.22%, SK Hynix tumbled 3.53%, and Lotte Chemical fell by 2.15%. Conversely, Naver rose by 3.07%, LG Chem increased by 0.49%, and SK Telecom grew by 0.71%. Meanwhile, KEPCO dropped by 3.37%, Hyundai Motor fell by 1.90%, Kia Motors decreased by 2.85%, while Hyundai Mobis rose by 0.39%. KB Financial remained unchanged.
On Wall Street, the main indices initially opened with minor gains but soon reversed and ended the day with modest losses. The Dow Jones Industrial Average fell by 382.15 points, or 0.86%, finishing at 43,910.98. The NASDAQ dipped by 17.36 points, or 0.09%, closing at 19,281.40, and the S&P 500 decreased by 17.36 points, or 0.29%, ending at 5,983.99.
The downturn on Wall Street was attributed to profit-taking activities as traders decided to capitalize on recent market strengths post-U.S. elections. Furthermore, there was a cautious sentiment among traders pending the release of a key consumer price inflation report, anticipated later today.
In the oil market, prices slightly increased despite OPEC's reduction of the global oil demand forecast for 2025, coupled with the ongoing strength of the U.S. dollar. December futures for West Texas Intermediate Crude inched up by $0.08, reaching $68.12 per barrel.
