RTTNews - The South Korean stock market has finished lower now in back-to-back sessions, shedding more than 30 points or 2.1 percent in the process. The KOSPI is clinging to support at 1,400 points, and now analysts predict that the market could slip below that level of support at the opening of trade on Monday.
The global forecast for the Asian markets is fairly flat with perhaps a touch of downside. There is little in the way of economic data or corporate news due for release ahead of the long holiday weekend in the United States. The European markets finished little changed in mixed fashion, while the U.S. bourses wound up with slight losses, and the Asian markets are also expected to see thin trade.
The KOSPI finished sharply lower on Friday, thanks to weakness among the technology stocks and the industrial shares. For the day, the index dropped 17.90 points or 1.26 percent to close at 1,403.75 after trading between 1,402.80 and 1,431.32. Volume was 667.4 million shares worth 7.78 trillion won.
Among the decliners, Hynix Semiconductor dropped 6.0 percent, while Hyundai Motor declined 3.6 percent, Samsung Electronics fell 2.3 percent, Korean Air lost 2.5 percent, Doosan Heavy Industries declined 6.5 percent and Kia Motors dropped 3.5 percent.
Wall Street offers little in the way of guidance as stocks closed Friday's quiet session little changed, with traders hesitant to take positions ahead of the long Memorial Day weekend. Bargain hunting drove gains into the late afternoon, but the major averages fell uniformly heading down the home stretch.
The dollar continued to take a brutal beating, as traders continued their exodus from the world's reserve currency amid speculation that the global economy is on the mend. As earnings season winds to a close, traders considered encouraging earnings data from Sears Holdings (SHLD), Gap (GPS) and Campbell's Soup (CPB), prompting some of the gains in equities.
On the corporate front, McDonald's (MCD) added 2.5 percent on the day. With the climb, the stock extended recent gains, moving to its highest level since February. Meanwhile, shares of Disney (DIS) and E.I. Du Pont De Nemours (DD) were also higher, rising by 2 percent and 1.7 percent, respectively, taking back some of their recent losses. The blue chip index was limited by shares of General Motors (GM) which plunged 25 percent, as the firm is likely heading towards bankruptcy.
The Dow slipped 14.81 points or 0.18 percent to finished 8277.32, while the NASDAQ lost 3.24 points or 0.19 percent to end at 1692.01, and the S&P 500 shed 1.33 points or 0.15 percent to close at 887.
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