KOSPI May Extend Thursday's Losses

(RTTNews) - The South Korea stock market on Thursday ended the two-day winning streak in which it had advanced almost 240 points or 4.4 percent. The KOSPI now sits just above the 5,460-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets is negative on concerns over the conflict in the Middle East. The European and U.S. markets were sharply lower and the Asian bourses figure to follow that lead.

The KOSPI finished sharply lower on Thursday following losses from the technology stocks and automobile producers, while the chemicals were mixed and the financial shares were up.

For the day, the index tumbled 181.75 points or 3.22 percent to finish at 5,460.46 after trading between 5,448.12 and 5,598.37. Volume was 902.9 million shares worth 24.1 trillion won. There were 662 decliners and 226 gainers.

Among the actives, Shinhan Financial collected 1.41 percent, while KB Financial jumped 1.87 percent, Hana Financial perked 0.09 percent, Samsung Electronics tumbled 4.71 percent, Samsung SDI and Naver both retreated 1.86 percent, LG Electronics declined 1.48 percent, SK Hynix plunged 6.23 percent, LG Chem slumped 1.26 percent, Lotte Chemical advanced 0.88 percent, SK Innovation tanked 2.45 percent, POSCO Holdings rose 0.15 percent, SK Telecom added 0.25 percent, KEPCO dropped 0.97 percent, Hyundai Mobis sank 0.87 percent, Hyundai Motor crashed 2.20 percent and Kia Motors stumbled 2.03 percent.

The lead from Wall Street is bleak as the major averages opened lower on Thursday and continued to trend sharply lower as the day progressed, ending at session lows.

The Dow tumbled 469.38 points or 1.01 percent to finish at 45,960.11, while the NASDAQ plummeted 521.75 points or 2.38 percent to close at 21,408.08 and the S&P 500 slumped 114.74 points or 1.74 percent to end at 6,477.16.

The sell-off on Wall Street extended the see-saw trend seen over the past few sessions, as traders reacted to continued volatility by the price of crude oil.

Crude prices skyrocketed Thursday as the U.S.-Iran standoff over the 15-point peace proposal deepens the Middle East conflict. West Texas Intermediate crude for May delivery was up $4.51 or 4.99 percent at $94.83 per barrel.

Concerns about further widening of the conflict also weighed on the markets after several Gulf countries issued a joint statement condemning Iran's "criminal" attacks on their energy infrastructure.