South Korea Shares May Snap Losing Streak

(RTTNews) - The South Korea stock market has finished lower in back-to-back sessions, giving up almost 350 points or 5.4 percent in that span. The KOSPI now sits just beneath the 6,260-point plateau although it may find traction on Monday.

The global forecast for the Asian markets is cautiously optimistic on an improved outlook for interest rates, although erratic tensions in the Middle East may limit the upside. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The KOSPI finished modestly lower on Friday following losses from the industrials and a mixed picture from the technology stocks.

For the day, the index slipped 37.61 points or 0.60 percent to close at 6,258.77, after trading between 6,158.73 and 6,415.60. Volume was 297.18 million shares worth 24.3 trillion won. There were 552 gainers and 321 decliners.

The lead from Wall Street is positive as the major averages shook off early volatility before settling solidly higher for the balance of the day.

The Dow added 151.83 points or 0.28 percent to finish at 54,036.93, while the NASDAQ jumped 342.26 points or 1.30 percent to end at 26,690.62 and the S&P 500 gained 47.68 points or 0.62 percent to close at 7,757.64.

For the week, the NASDAQ spiked 5.2 percent, the S&P 500 jumped 3.6 percent and the Dow rose 3 percent.

The strength on Wall Street came amid easing concerns about the outlook for interest rates after the Labor Department unexpectedly reported a modest decrease in U.S. employment in July.

While the report pointed to some weakness in the labor market, the data is also seen as decreasing the chances of the Federal Reserve raising interest rates next month.

Crude oil prices advanced on Friday amid lingering uncertainty in the Middle East following attacks by the Iran-aligned Houthis on a military camp in Yemen and in Saudi Arabia. West Texas Intermediate crude for September delivery was up $0.81 or 1.1 percent at $78.10 a barrel.