Shutterstock photo(RTTNews.com) - The South Korea stock market headed south again on Friday, one day after it had snapped the two-day slide in which it had fallen more than 30 points or 1.2 percent. The KOSPI now rests just above the 2,525-point plateau and it's in line for further damage on Monday.
The global forecast for the Asian markets is broadly negative over concerns for the outlook on interest rates. The European and U.S. markets were sharply lower on Friday and the Asian markets figure to follow that lead.
The KOSPI finished sharply lower on Friday following losses from the technology stocks and industrial issues, although the financials and automobile producers offered support.
For the day, the index tumbled 43.15 points or 1.68 percent to finish at 2,525.39 after trading between 2,519.60 and 2,565.99. Volume was 476 million shares worth 8 trillion won.
Among the actives, Samsung Electronics plummeted 4.26 percent, while LG Electronics skidded 2.42 percent, SK hynix tumbled 2.96 percent, Naver dropped 1.95 percent, POSCO shed 2.91 percent, Hyundai Steel lost 2.25 percent, Daewoo Shipbuilding dipped 0.43 percent, Hyundai Heavy fell 0.71 percent, Hyundai Motor jumped 1.25 percent, Kia Motors advanced 2.62 percent, Shinhan Financial collected 0.38 percent and Woori Bank added 0.30 percent.
The lead from Wall Street is brutal as stocks moved sharply lower on Friday as traders worried about the prospect of higher interest rates - extending the pullback last week's record highs.
The Dow tumbled 665.75 points or 2.54 percent to 25,520.96, the NASDAQ slumped 144.92 points or 1.96 percent to 7,240.95 and the S&P 500 fell 59.85 points or 2.12 percent to 2,762.13. For the week, the Dow lost 4.1 percent, the NASDAQ shed 3.5 percent and the S&P plunged 3.9 percent.
The concerns about higher interest rates came after the Labor Department reported stronger than expected job growth and a jump in wages. The Federal Reserve may respond to strong economic growth by hiking interest rates three times in 2018.
A negative reaction to quarterly results from big name tech companies like Google parent Alphabet (GOOGL) and Apple (AAPL) also contributed to the selloff.
Crude oil also responded negatively to the jobs report as WTI for March delivery fell 35 cents to $65.45 per barrel.
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