The South Korea stock market has moved higher in three straight, gathering more than 35 points or 1.1 percent on its way to a fresh record closing high. The KOSPI now sits just above the 3,250-point plateau although it may run out of steam on Tuesday.
The global forecast for the Asian markets is murky ahead the FOMC decision and statement later this week. The European and U.S. markets were mixed and little changed and the Asian bourses are expected to open in similar fashion.
The KOSPI finished slightly higher on Monday following mixed performances from the technology and chemical companies.
For the day, the index added 2.81 points or 0.09 percent to finish at 3,252.13 after trading between 3,238.51 and 3,254.49. Volume was 1.6 billion shares worth 15 trillion won. There were 443 decliners and 406 gainers.
Among the actives, Shinhan Financial plunged 2.72 percent, while KB Financial retreated 1.40 percent, Hana Financial surrendered 2.07 percent, Samsung Electronics shed 0.62 percent, LG Electronics surged 3.96 percent, SK Hynix lost 0.78 percent, Naver spiked 3.89 percent, LG Chem tanked 2.71 percent, Lotte Chemical jumped 1.13 percent, S-Oil climbed 1.49 percent, SK Innovation advanced 1.09 percent, POSCO skidded 1.43 percent, SK Telecom fell 0.30 percent, KEPCO rallied 2.10 percent, Hyundai Motor dipped 0.21 percent and Kia Motors declined 1.45 percent.
The lead from Wall Street is mixed as the major averages opened Monday on opposite sides of the unchanged line and finished the same way.
The Dow shed 85.85 points or 0.25 percent to finish at 34,393.75, while the NASDAQ climbed 104.72 points or 0.74 percent to end at 14,174.14 and the S&P 500 rose 7.71 points or 0.18 percent to close at 4,255.15.
The mixed performance on Wall Street came as traders look ahead to the Federal Reserve’s monetary policy announcement on Wednesday.
The Fed is widely expected to leave its monetary policy unchanged, but traders will be looking for any clues the central bank is considering tapering its asset purchases.
Last week’s Labor Department report showed consumer price inflation reached the highest level in nearly thirteen years last month, although Fed officials have repeatedly downplayed the risks of prolonged inflation.
Crude oil futures ended slightly lower Monday on news that the next phase of England’s lockdown reopening will be delayed due to a surge of the Delta variant of Covid-19. West Texas Intermediate Crude oil futures for July ended down by $0.03 or 0.04 percent at $70.88 a barrel.
Market Analysis
Rally May Stall For South Korea Stock Market
2021-06-14 23:00:45
