Tech Shares May Drag South Korea Shares Lower

(RTTNews) - The South Korea stock market on Thursday ended the two-day winning streak in which it had jumped more than 350 points or 6.5 percent. The KOSPI now sits just above the 5,580-point plateau and the losses may accelerate on Friday.

The global forecast for the Asian markets remains negative on surging oil prices and raging war in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow suit.

The KOSPI finished modestly lower on Thursday following losses from the technology and chemical companies and mixed performances from the financials and industrials.

For the day, the index shed 26.70 points or 0.48 percent to finish at 5,583.25 after trading between 5,527.47 and 5,629.07. Volume was 794.1 billion shares worth 23.6 trillion won. There were 569 gainers and 321 decliners.

Among the actives, Shinhan Financial collected 0.88 percent, while KB Financial retreated 1.39 percent, Hana Financial sank 0.79 percent, Samsung Electronics skidded 1.11 percent, LG Electronics plunged 3.31 percent, SK Hynix stumbled 2.62 percent, LG Chem tanked 3.01 percent, Lotte Chemical contracted 2.76 percent, SK Innovation jumped 1.84 percent, POSCO Holdings improved 0.72 percent, SK Telecom tumbled 2.18 percent, KEPCO lost 0.73 percent, Hyundai Mobis slumped 2.01 percent, Hyundai Motor declined 1.70 percent, Kia Motors accelerated 3.09 percent and Samsung SDI and Naver were unchanged.

The lead from Wall Street is weak as the major averages opened firmly in the red and remained under water throughout the session, ending at daily lows.

The Dow tumbled 739.42 points or 1.56 percent to finish at 46,677.85, while the NASDAQ plunged 404.15 points or 1.78 percent to end at 22,311.98 and the S&P 500 slumped 103.18 points or 1.52 percent to close at 6,672.62.

The sell-off on Wall Street came amid another sharp increase by the price of crude oil, as oil prices further offset the nosedive seen on Tuesday.

Crude oil prices surged on Thursday after the new leadership in Iran refused to bow down to U.S. pressure in the raging Middle East war and instead vowed revenge. West Texas Intermediate crude for April delivery was up $7.45 or 8.54 percent at $94.70 per barrel.

The extended rebound by the price of crude oil came amid reports three more foreign ships were struck in the Persian Gulf overnight, adding to concerns about transit through the strategically vital Strait of Hormuz.

In U.S. economic news, the Labor Department said first-time claims for U.S. unemployment benefits edged slightly lower last week.