MSpA

Morgan Stanley Dep Shs repstg 1/1000 Pfd Ser A

19.5800
USD
1.71%
19.5800
USD
1.71%
18.4400 25.5500
52 weeks
52 weeks

Mkt Cap 783.20M

Shares Out 40.00M

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Tech Shares Likely To Weigh On KOPSI

(RTTNews) - The South Korea stock market on Tuesday snapped the two-day winning streak in which it had climbed more than 55 points or 2.1 percent. The KOSPI now rests just above the 2,605-point plateau and it's tipped to open under pressure again on Wednesday. The global forecast for the Asian markets is broadly negative, with oil and technology stocks expected to lead the way lower. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference. The KOSPI finished sharply lower on Tuesday following losses from the oil, chemical, technology and industrial stocks, while the financials offered support. For the day, the index dropped 41.51 points or 1.57 percent to finish at the daily low of 2,605.87 after peaking at 2,646.99. Volume was 837.87 million shares worth 8.6 trillion won. There were 742 decliners and 136 gainers. Among the actives, Shinhan Financial advanced 0.96 percent, while KB Financial jumped 1.89 percent, Hana Financial collected 0.53 percent, Samsung Electronics sank 2.06 percent, Samsung SDI slumped 4.26 percent, LG Electronics tanked 2.38 percent, SK Hynix plummeted 3.98 percent, Naver cratered 4.14 percent, LG Chem lost 0.74 percent, Lotte Chemical declined 1.75 percent, S-Oil tumbled 1.90 percent, SK Innovation plunged 3.11 percent, POSCO retreated 1.20 percent, SK Telecom stumbled 1.40 percent, KEPCO soared 3.52 percent, Hyundai Motor dropped 1.60 percent and Kia Motors skidded 1.07 percent. The lead from Wall Street is mixed to lower as the major averages opened in the red on Tuesday and spent most of the day there, although the Dow crept above the unchanged line at the end. The Dow added 48.38 points or 0.15 percent to finish at 31,928.62, while the NASDAQ plummeted 270.83 points or 2.35 percent to close at 11,264.45 and the S&P 500 sank 32.27 points or 0.81 percent to end at 3,941.48. A steep drop by shares of Snap Inc. (SNAP) weighed on the tech sector after the company warned of weaker than expected second quarter results. The pullback also reflected lingering concerns that aggressive interest rate hikes by the Federal Reserve could lead to a recession; the Fed is due to release the minutes from its latest monetary policy meeting later today, which may shed additional light on the outlook for rates. Adding to the negative sentiment, the Commerce Department reported a much steeper than expected drop in new home sales in April. Crude oil futures slipped on Tuesday on concerns about the outlook for energy demand due to China's increased Covid-19 curbs. Markets are also worried that aggressive monetary policy tightening by central banks to control inflation could tip the global economy into a recession. West Texas Intermediate Crude oil futures for July fell $0.52 or 0.5 percent at $109.77 a barrel. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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