South Korea Bourse Poised To Halt Losing Streak

The South Korea stock market has moved lower in three straight sessions, slipping more than 30 points or 1.3 percent along the way. The KOSPI now rests just above the 2,450-point plateau although it may stop the bleeding on Tuesday.

The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets finished firmly higher and the Asian bourses are expected to open in similar fashion.

The KOSPI finished modestly lower on Monday following losses from the technology stocks and mixed performances from the oil, financial and industrial groups

For the day, the index sank 17.03 points or 0.69 percent to finish at 2,452.70 after trading between 2,441.29 and 2,462.58. Volume was 480.0 million shares worth 7.27 trillion won. There were 530 decliners and 340 gainers.

Among the actives, Shinhan Financial lost 0.73 percent, while KB Financial sank 0.72 percent, Hana Financial collected 0.31 percent, Samsung Electronics perked 0.16 percent, Samsung SDI retreated 1.63 percent, LG Electronics plunged 3.07 percent, SK Hynix tanked 3.10 percent, Naver plunged 3.04 percent, LG Chem shed 0.45 percent, Lotte Chemical surged 3.73 percent, S-Oil advanced 1.16 percent, SK Innovation rallied 1.08 percent, POSCO strengthened 1.50 percent, SK Telecom improved 1.49 percent, KEPCO gathered 0.78 percent, Hyundai Mobis dipped 0.24 percent, Hyundai Motor skidded 1.04 percent and Kia Motors climbed 1.10 percent.

The lead from Wall Street is upbeat as the major averages opened higher on Monday and accelerated as the day progressed, ending near session highs.

The Dow jumped 376.66 points or 1.11 percent to finish at 34,245.93, while the NASDAQ spiked 173.67 points or 1.48 percent and the S&P 500 rallied 46.83 points or 1.14 percent to end at 4,137.29.

The strength on Wall Street came as some traders looked to pick up stocks at reduced levels after last week’s weakness, which reflected ongoing concerns about the outlook for interest rates.

Trading remained subdued, however, as traders look ahead to Tuesday’s closely watched report on consumer price inflation. The inflation data could have a significant impact on the outlook for interest rates amid recent speculation the Federal Reserve may raise rates higher than anticipated.

Crude oil prices slumped on Monday afternoon, unable to held early gains. West Texas Intermediate was down $0.43 or 0.54 percent to $79.29 per barrel, coming off a high of $80.62 earlier in the day.