Soft Start Seen For South Korea Stock Market

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(RTTNews.com) - The South Korea stock market on Friday wrote a finish to the three-day winning streak in which it had advanced almost 45 points or 1.9 percent. The KOSPI now rests just beneath the 2,360-point plateau and it may take further damage on Monday.

The global forecast for the Asian markets is slightly sort thanks to continued chaos in Washington D.C. although crude oil prices offer support. The European and U.S. markets were down on Friday and the Asian bourses figure to open in similar fashion.

The KOSPI finished slightly lower on Friday following losses from the financial and steel companies, while the technology stocks came in mixed.

Among the actives, Shinhan Financial skidded 1.33 percent, while Woori Bank lost 0.81 percent, Samsung Electronics shed 0.30 percent, LG Electronics fell 0.82 percent, Naver and SK hynix both climbed 0.90 percent, Hyundai Motor added 0.35 percent, Kia Motors was up 0.28 percent, POSCO tumbled 0.90 percent and Hyundai Steel dropped 0.85 percent.

The lead from Wall Street is negative as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before ending in the red.

The Dow dropped 76.22 points or 0.4 percent to 21,674.51, while the NASDAQ shed 5.39 points or 0.1 percent to 6,216.53 and the S&P dipped 4.46 points or 0.2 percent to 2,425.55. For the week, the Dow slid 0.8 percent and the NASDAQ and S&P both fell 0.6 percent.

The choppy trading came as traders expressed uncertainty about the near-term outlook for the markets after recent volatility. Concerns about President Donald Trump's ability to implement his agenda continued to weigh.

In economic news, the University of Michigan noted a bigger than expected improvement in consumer sentiment in August.

Crude oil futures spiked on Friday after industry data showed the U.S. rig count fell last week. September WTI oil rallied $1.42 or 3 percent to $48.51/bbl for the session, but eased 0.6% for the week.

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