The South Korean stock market has experienced a decline for two consecutive sessions, dropping over 100 points or 3.9 percent in total. The KOSPI is currently positioned just above the 2,580-point threshold, with expectations of mild support on Thursday.The global forecast for Asian markets indicates minimal movement ahead of key U.S. unemployment data scheduled for release on Friday. European markets have fallen, while U.S. markets presented a mixed and flat performance. Asian markets are likely to follow the latter trend.On Wednesday, the KOSPI closed significantly lower, with notable losses across finance, technology, and chemical sectors. The index fell by 83.83 points, or 3.15 percent, ending at 2,580.80 after fluctuating between 2,578.07 and 2,608.13. Trading volume reached 448.8 million shares, valued at 11.2 trillion won. The session saw 859 decliners against only 51 gainers.Key performers included Shinhan Financial, which dropped 2.97 percent; KB Financial, down 3.91 percent; Hana Financial, which shed 1.88 percent; Samsung Electronics, which decreased by 3.45 percent; and Samsung SDI, down 3.50 percent. LG Electronics fell 1.27 percent, SK Hynix plummeted 8.02 percent, and Naver stumbled 4.72 percent. LG Chem surrendered 2.70 percent, Lotte Chemical crashed 5.42 percent, S-Oil plunged 3.70 percent, SK Innovation dropped 1.74 percent, POSCO skid 3.20 percent, and Hyundai Mobis sank 1.90 percent. Meanwhile, Hyundai Motor tumbled 2.11 percent, Kia Motors retreated 1.96 percent, and KEPCO remained unchanged. Notably, SK Telecom experienced a slight rise of 0.18 percent.Wall Street delivered an inconclusive lead as major indices opened mixed on Wednesday, hovered around the line throughout the day, and ended with minimal changes. The Dow gained 38.04 points or 0.09 percent to close at 40,974.97, while the NASDAQ lost 52.00 points or 0.30 percent to finish at 17,084.30, and the S&P 500 dipped 8.86 points or 0.16 percent to end at 5,520.07.The tepid performance on Wall Street mirrors the prevailing uncertainty about the markets’ short-term direction after considerable volatility in recent months. Despite a notable recovery in stock values, concerns about the economic outlook continue to weigh on investor sentiment.Oil prices fell on Wednesday amid growing concerns about demand prospects following reports that OPEC plans to reinstate 180,000 barrels per day of voluntary production cuts next month. West Texas Intermediate Crude oil futures for October settled at $69.20 per barrel, a decrease of $1.14 or 1.6 percent, marking a nine-month low.Domestically, South Korea is set to release its Q2 GDP figures later today. The GDP is expected to decrease by 0.2 percent quarter-on-quarter and rise by 2.3 percent year-on-year, consistent with the previous month’s figures.The material has been provided by InstaForex Company – www.instaforex.com
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