The South Korea stock market on Monday wrote a finish to the two-day slide in which it had stumbled almost 100 points or 3.3 percent. The KOSPI now rests just above the 3,090-point plateau and it’s expected to add to its winnings on Tuesday.
The global forecast for the Asian markets is positive, with strong support expected from the oil and technology stocks. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The KOSPI finished modestly higher on Monday following gains from the oil, financial and industrial shares, while the technology and chemical stocks were mixed.
For the day, the index climbed 29.70 points or 0.97 percent to finish at 3,090.21 after trading between 3,064.65 and 3,111.81. Volume was 564 million shares worth 13.2 trillion won. There were 788 gainers and 94 decliners.
Among the actives, Shinhan Financial improved 0.94 percent, while KB Financial collected 0.59 percent, Hana Financial jumped 1.67 percent, Samsung Electronics gained 0.83 percent, LG Electronics plunged 4.10 percent, SK Hynix added 0.49 percent, Naver climbed 1.66 percent, LG Chem plummeted 11.14 percent, Lotte Chemical increased 0.64 percent, S-Oil soared 3.91 percent, SK Innovation rallied 2.15 percent, POSCO perked 0.49 percent, Daewoo Shipbuilding surged 2.38 percent, SK Telekom accelerated 2.99 percent, Hyundai Motor advanced 1.24 percent, Kia Motors rose 0.76 percent and Hyundai Steel was unchanged.
The lead from Wall Street is firm as the major averages opened higher on Monday and remained in the green throughout the session.
The Dow advanced 215.63 points or 0.61 percent to finish at 35,335.71, while the NASDAQ spiked 227.99 points or 1.55 percent to close at 14,942.65 and the S&P 500 climbed 37.86 points or 0.85 percent to end at 4,479.53.
Investors continued to track updates on the coronavirus front and also looked ahead to the upcoming Jackson Hole Symposium, due later this week. Fed Chairman Powell is expected to provide more details about the timeline of tapering of the central bank’s bond-buying program and the outlook for the economy.
In economic news, U.S. existing home sales jumped more than expected in July, helping to ease concerns that the economic recovery is faltering.
Crude oil futures settled sharply higher Monday, snapping a seven-day losing streak and posting their biggest single-session gain in five months. West Texas Intermediate Crude oil futures for October jumped $3.50 or 5.6 percent at $65.64 a barrel after sinking 9 percent last week.
Market Analysis
Tech Shares Expected To Boost South Korea Stock Market
2021-08-23 23:00:24
