The South Korea stock market on Tuesday snapped the two-day winning streak in which it had picked up more than eight points or 0.3 percent. The KOSPI now rests just beneath the 2,735-point plateau although it may tick higher again on Wednesday.
The global forecast for the Asian is murky, with coronavirus concerns offset by vaccine optimism. The European markets were up and the U.S. bourses were mostly down and the Asian markets figure to split the difference.
The KOSPI finished sharply lower on Tuesday with damage across the board - especially from the financials, technology stocks and industrials.
For the day, the index dropped 44.97 points or 1.62 percent to finish at 2,733.68 after trading between 2,733.64 and 2,774.22. Volume was 1.2 billion shares worth 19.6 trillion won. There were 783 decliners and 99 gainers.
Among the actives, Shinhan Financial lost 1.04 percent, while KB Financial sank 1.33 percent, Hana Financial fell 1.39 percent, Samsung Electronics dropped 0.96 percent, LG Electronics was down 2.85 percent, SK Hynix tanked 3.02 percent, Samsung SDI retreated 1.94 percent, LG Chem tumbled 2.21 percent, Lotte Chemical plunged 1.70 percent, S-Oil slid 1.28 percent, SK Innovation surrendered 2.93 percent, POSCO declined 2.55 percent, SK Telecom slumped 2.01 percent, KEPCO plummeted 4.46 percent, Hyundai Motor skidded 1.60 percent and Kia Motors cratered 2.45 percent.
The lead from Wall Street is mixed as the Dow and S&P both opened lower and largely stayed that way, while the NASDAQ opened higher and was mostly in the green throughout the session.
The Dow shed 200.94 points or 0.67 percent to finish at 30,015.51, while the NASDAQ climbed 65.40 points or 0.51 percent to end at 12,807.92 and the S&P 500 fell 7.66 points or 0.21 percent to close at 3,687.26.
The choppy trading on Wall Street comes as traders seem reluctant to make significant moves amid uncertainty about the near-term outlook for the markets following the recent run to record highs.
Reports about a new coronavirus strain have generated some negative sentiment, although news of the approval of a new stimulus bill has helped prop up the markets.
In economic news, the Commerce Department released revised data showing the U.S. economy grew slightly more than estimated in Q3 of 2020. Also, the National Association of Realtors said existing home sales pulled back in November.
Crude oil prices declined sharply on Tuesday amid rising worries about energy demand due to new restrictions on travel following a surge in coronavirus cases. West Texas Intermediate Crude oil futures for February ended down $0.95 or 2 percent at $47.02 a barrel.
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