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South Korea’s Stock Market may be weighed down by Technology Stocks

Two consecutive trading days saw the South Korean stock market drop more than 10 points or 0.3%. A little bit higher than 3,270 points, the KOSPI is expected to be locked in neutral again by Monday morning.

Even if technology and energy equities are down, the global outlook for Asian markets remains cautiously positive. Asian bourses are expected to follow the European and U.S. markets in rising.

Friday’s South Korean stock market ended marginally down due to declines in technology and chemical companies, as well as automakers, while financials were neutral.

For the day, the index fell 5.77 points (or 0.18%) to end at 3,270.36. 15 trillion won were exchanged for 931 million shares, a volume of 931 million shares. 355 gainers and 464 decliners were counted in the total.

The Dow and S&P began higher on Friday and closed at record highs, while the NASDAQ opened in the red and finished in the red, according to report.

Good jobs statistics boosted to economic confidence but also increased concerns about monetary policy future, contributing to Wall Street’s mixed performance. Employment on non-farm payrolls increased by 943.00 jobs in July up from an upwardly revised 938.000 in June, according to the Labor Department.

Prior to reducing assistance, Jerome Powell, the Federal Reserve’s chairman, said additional improvement in the labor market recovery was required.

Prices fell further on Friday as concerns about the prospects for global demand in the wake of an outbreak of corona-virus eclipsed positive jobs statistics in the United States Fall of $0.81 or 1.2% to $68.28 a barrel for September West Texas Intermediate crude oil for September delivery.

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