The South Korea stock market has moved higher in five straight sessions, improving almost 90 points or 3.4 percent along the way. The KOSPI now sits just above the 2,600-point plateau and it may tick higher again on Tuesday.
The global forecast for the Asian markets suggests mild upside, largely on positive momentum amid a lack of catalysts. The European and U.S. markets were modestly higher and the Asian bourses are expected to follow suit.
The KOSPI finished modestly higher on Monday following gains from the financial shares and technology stocks, while the automobile producers were soft and the chemical companies were mixed.
For the day, the index added 8.64 points or 0.33 percent to finish at 2,602.01 after trading between 2,588.49 and 2,603.57. Volume was 330.2 million shares worth 9.3 trillion won. There were 449 decliners and 434 gainers.
Among the actives, Shinhan Financial collected 0.54 percent, while KB Financial strengthened 1.67 percent, Hana Financial perked 0.16 percent, Samsung Electronics shed 0.63 percent, Samsung SDI gained 0.66 percent, LG Electronics rallied 0.73 percent, SK Hynix soared 3.12 percent, Naver surged 4.25 percent, LG Chem increased 0.79 percent, Lotte Chemical retreated 1.25 percent, S-Oil advanced 0.99 percent, SK Innovation spiked 3.42 percent, POSCO improved 1.20 percent, SK Telecom added 0.70 percent, KEPCO plummeted 8.43 percent, Hyundai Motor lost 0.60 percent, Kia Motors stumbled 2.27 percent and Hyundai Mobis was unchanged.
The lead from Wall Street is cautiously optimistic as the major averages opened slightly higher on Monday and largely remained that way throughout the session, finishing with mild gains.
The Dow added 61.29 points or 0.15 percent to finish at 42,124.65, while the NASDAQ rose 25.95 points or 0.14 percent to close at 17,974.27 and the S&P 500 gained 16.02 points or 0.28 percent to end at 5,718.57.
The modest strength on Wall Street partly reflects optimism about the outlook for the economy following the Federal Reserve’s interest rate cut last week.
The Fed is expected to continue lowering rates in the coming months amid signs of slowing inflation even as the economy remains relatively strong.
Overall trading activity remains somewhat subdued, however, as traders look ahead to the release of some key economic data later this week.
Crude oil prices were unable to hold early gains, slumping midday on demand concerns. West Texas Intermediate crude for October delivery fell $0.47 or 0.66 percent to $70.53 per barrel.
Market Analysis
South Korea Bourse May Extend Winning Streak
2024-09-23 23:02:49
