KOSPI Set to Extend Losses as Wall Street, Oil Fears Weigh on Asian Markets

South Korea's KOSPI is likely to open under pressure Thursday after falling 18.84 points, or 0.73 percent, to close at 2,563.34 on Wednesday, its second straight decline. The index has shed more than 20 points, or 0.8 percent, over the two sessions. Wednesday's session saw 588 decliners against 288 gainers on volume of 415.9 million shares worth 7.55 trillion won. Technology losses offset financial gains: Samsung Electronics fell 0.99 percent, SK Hynix 1.01 percent, Samsung SDI 2.11 percent and POSCO 2.85 percent, while KB Financial rose 0.74 percent and Hana Financial 0.76 percent. The negative lead from Wall Street compounded growth and inflation concerns. The Dow dropped 0.57 percent to 34,443.19, the NASDAQ 1.06 percent to 13,872.47 and the S&P 500 0.70 percent to 4,465.48. An ISM report showing unexpected acceleration in U.S. services growth pushed Treasury yields higher. Crude oil hit a nine-month closing high, with WTI October futures up 1 percent at $87.54 a barrel after Russia and Saudi Arabia extended production cuts.