Tech Shares Predicted To Support For South Korea Shares

The South Korea stock market on Tuesday ended the two-day winning streak in which it had jumped almost 75 points or 2.5 percent. The KOSPI now rests just beneath the 3,000-point plateau although it’s expected to move higher again on Wednesday.

The global forecast for the Asian markets is upbeat on solid economic data and support from the technology stocks. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KOSPI finished slightly lower on Tuesday as losses from the technology stocks and automobile producers were mitigated by support from the financials.

For the day, the index eased 2.31 points or 0.08 percent to finish at 2,997.21 after trading between 2,985.34 and 3,011.88. Volume was 567 million shares worth 10.5 trillion won. There were 547 decliners and 304 gainers.

Among the actives, Shinhan Financial climbed 1.46 percent, while KB Financial improved 1.07 percent, Hana Financial collected 0.80 percent, Samsung Electronics dipped 0.14 percent, LG Electronics lost 0.40 percent, SK Hynix advanced 0.90 percent, Naver declined 1.34 percent, Samsung SDI gained 0.80 percent, LG Chem jumped 1.57 percent, Lotte Chemical skidded 1.14 percent, S-Oil tumbled 1.97 percent, SK Innovation rose 0.22 percent, POSCO shed 0.53 percent, KEPCO fell 0.22 percent, Hyundai Motor retreated 1.20 percent, Kia Motors tanked 2.66 percent and SK Telecom was unchanged.

The lead from Wall Street is positive as the major averages opened higher on Tuesday and remained in the green throughout the session.

The Dow added 54.77 points or 0.15 percent to finish at 36,142.22, while the NASDAQ jumped 120.01 points or 0.76 percent to close at 15,973.86 and the S&P 500 rose 18.10 points or 0.39 percent to end at 4,700.90.

The strength on Wall Street reflected a positive reaction to some upbeat U.S. economic data, including a Commerce Department report showing retail sales spiked more than expected in October.

The Federal Reserve also released a report showing industrial production rebounded by much more than expected in October.

Crude oil futures settled lower on Tuesday, weighed down by a forecast by the International Energy Agency that global crude output will rise and help ease tight supplies. West Texas Intermediate Crude oil futures for December ended lower by $0.12 or 0.2 percent at $80.76 a barrel.