Political Issues May Continue To Weigh On KOSPI

(RTTNews) - The South Korea stock market has finished lower in three straight sessions, slumping more than 70 points or 2.9 percent along the way. The KOSPI now sits just beneath the 2,430-point plateau and it may take further damage again on Monday.

The global forecast for the Asian markets is flat to higher on optimism over the outlook for interest rates. The European and U.S. markets were mixed and fairly flat on Friday and the Asian bourses are expected to follow that lead.

The KOSPI finished modestly lower again on Friday, continuing to be mired in political uncertainty following impeachment proceedings against President Yoon Suk Yeol - which are likely to continue to cause problems on Monday.

For the day, the index shed 13.69 points or 0.56 percent to finish at 2,428.16. Volume was 620.82 million shares worth 10.48 trillion won. There were 657 decliners and 248 gainers.

Among the actives, Shinhan Financial soared 3.01 percent, while KB Financial lost 0.58 percent, Hana Financial spiked 2.01 percent, Samsung Electronics added 0.74 percent, Samsung SDI dipped 0.27 percent, LG Electronics skidded 1.05 percent, SK Hynix stumbled 3.41 percent, Naver rose 0.25 percent, LG Chem added 0.57 percent, Lotte Chemical sank 0.83 percent, SK Innovation rallied 2.61 percent, POSCO Holdings fell 0.38 percent, SK Telecom slid 0.34 percent, KEPCO tumbled 1.85 percent, Hyundai Mobis perked 0.21 percent, Hyundai Motor shed 0.49 percent and Kia Motors gained 0.85 percent.

The lead from Wall Street is inconsistent as the major averages opened higher on Friday, although the Dow was unable to hold its gains and the markets ended mixed.

The Dow slumped 123.18 points or 0.28 percent to finish at 44,642.52, while the NASDAQ rallied 159.07 points or 0.81 percent to close at 19,859.77 and the S&P 500 slipped 15.16 points or 0.25 percent to end at 6,090.27.

The Dow continued to clump amid a continued decline by shares of UnitedHealth (UNH) after that company's CEO Brian Thompson was gunned down last week.

But the NASDAQ and the S&P continued to benefit from a positive reaction to Friday's closely watched Labor Department report showing employment in the U.S. surged more than expected in November.

However, the report said the unemployment rate crept up to 4.2 percent in November from 4.1 percent in October, increasing confidence the Federal Reserve will lower interest rates by another 25 basis points later this month.

Oil prices fell on Friday, weighed down by prospects of excess supply in the market. West Texas Intermediate Crude oil futures for January shed $1.10 or 1.61 percent at $67.20 a barrel. WTI crude futures fell nearly 1 percent in the week.

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