The South Korea stock market experienced a downturn on Thursday, reversing the marginal gains from the previous day that ended a three-day losing streak which had wiped out nearly 20 points or 0.7%. Currently, the KOSPI stands slightly above the 2,660-point mark and indications suggest a potential further decline on Friday.The global outlook for Asian markets indicates minimal movement ahead of key inflation data to be released later today. European markets posted gains, while U.S. markets were mixed and flat, suggesting a similar trend may continue in Asian markets.On Thursday, the KOSPI closed significantly lower, with technology stocks suffering notable losses and mixed results from financial shares, chemicals, and industrials. The index fell by 27.55 points or 1.02% to close at 2,662.28, after varying between 2,649.56 and 2,672.90 throughout the day. The trading volume amounted to 284.7 million shares, valued at 11.3 trillion won. The market saw 590 decliners against 280 gainers.Key movers included:- Shinhan Financial: down 0.87%- KB Financial: up 1.28%- Hana Financial: down 0.47%- Samsung Electronics: down 3.14%- Samsung SDI: up 5.60%- LG Electronics: down 1.02%- SK Hynix: down 5.35%- Naver: up 0.67%- LG Chem: up 2.23%- Lotte Chemical: down 0.83%- S-Oil: down 0.79%- SK Innovation: up 1.03%- POSCO: up 1.78%- SK Telecom: down 1.08%- KEPCO: down 1.33%- Hyundai Mobis: down 2.01%- Hyundai Motor: down 0.19%- Kia Motors: up 1.91%Wall Street provided little clear direction. Major indices opened higher on Thursday and remained robust for much of the day before a late slump resulted in mixed, little-changed closing figures. The Dow Jones Industrial Average gained 243.63 points or 0.59% to reach a record 41,335.05. Meanwhile, the NASDAQ fell 39.60 points or 0.23% to 17,516.43, and the S&P 500 edged down 0.22 points or 0.00% to finish at 5,591.96.The early strength on Wall Street was driven partly by positive U.S. economic data, including a Commerce Department report indicating an unexpected upward revision in second-quarter economic growth. Additionally, the Labor Department reported a slight decline in first-time claims for unemployment benefits.However, buying momentum waned towards the session’s end as traders anticipated the release of crucial consumer price inflation data later today. The NASDAQ’s decline was further exacerbated by a drop in Nvidia (NVDA) shares, despite the company surpassing Q2 expectations and offering a favorable fiscal Q3 revenue forecast.Oil prices saw a sharp increase on Thursday, driven by supply concerns amid reports of production shutdowns and halted exports at multiple Libyan ports. October futures for West Texas Intermediate Crude rose by $1.39 or 1.87%, reaching $75.91 per barrel.Back in South Korea, the focus will be on July’s industrial production and retail sales figures due later today. Industrial production is anticipated to decrease by 0.6% month-on-month but increase by 7.5% year-on-year, following gains of 0.5% month-on-month and 3.8% year-on-year in June. Retail sales were up by 1.0% in June.The material has been provided by InstaForex Company – www.instaforex.com
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