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(RTTNews.com) – The South Korea stock market has finished lower in two straight sessions, tumbling more than 55 points or 2.5 percent along the way. The KOSPI now rests just beneath the 2,250-point plateau and it’s looking at another lower open on Tuesday.
The global forecast for the Asian markets suggests a soft open thanks to continued concerns over Turkey and a drop in crude oil prices. The European and U.S. markets ended in the red and the already oversold Asian markets are expected to at least open in similar fashion.
The KOSPI finished sharply lower on Monday following losses from the financial shares, technology stocks and industrial issues.
For the day, the index plunged 34.34 points or 1.50 percent to finish at 2,248.45 after trading between 2,238.55 and 2,271.82. Volume was 330.54 million shares worth 5.85 trillion won. There were 776 decliners and 83 gainers.
Among the actives, Shinhan Financial lost 1.28 percent, while KB Financial declined 1.16 percent, Woori Bank fell 1.23 percent, Hana Financial was down 1.39 percent, Samsung Electronics shed 0.77 percent, SK Hynix gathered 0.40 percent, LG Electronics retreated 3.42 percent, LG Chem dropped 1.87 percent, SK Telecom added 0.19 percent, POSCO plunged 2.74 percent, Hyundai Motor tumbled 1.98 percent, Kia Motors gained 0.16 percent, KEPCO slid 1.27 percent, Samsung Life Insurance skidded 3.09 percent and Mirae Asset Daewoo plummeted 4.15 percent.
The lead from Wall Street is negative as stocks moved mostly lower on Monday after failing to sustain an early move to the upside. The major averages pulled back off their highs of the session and into negative territory.
The Dow slid 125.44 points or 0.50 percent to 25,187.70, the NASDAQ fell 19.40 points or 0.25 percent to 7,819.71 and the S&P 500 dropped 11.35 points or 0.40 percent to 2,821.93.
The downturn reflected lingering concerns about the Turkish economy and the recent sell-off of the country’s currency.
The Turkish lira hit a new record low against the U.S. dollar in Asian trading before regaining some ground after Turkey’s central bank took measures to boost liquidity in the foreign exchange market.
Crude oil prices drifted lower Monday as worries about excess supply increased following a pickup in OPEC oil production last month. Crude oil futures for September ended down $0.43 or 0.60 percent at $67.20 a barrel, recovering from a low of $65.71.