The South Korea stock market has moved higher in six straight sessions, improving almost 120 points or 4.6 percent along the way. The KOSPI now sits just above the 2,630-point plateau and it’s got another positive lead for Wednesday’s trade.
The global forecast for the Asian markets is positive on continued optimism over the outlook for interest rates. The European and U.S. markets saw mild upside and the Asian bourses figure to open in similar fashion, although some of the more oversold markets may correct to the downside.
The KOSPI finished sharply higher on Tuesday following gains from the technology, chemical, energy and automobile sectors.
For the day, the index rallied 29.67 points or 1.14 percent to finish at the daily high of 2,631.68 after moving as low as 2,597.81. Volume was 345.9 million shares worth 10.1 trillion won. There were 605 gainers and 264 decliners.
Among the actives, Shinhan Financial collected 1.08 percent, while KB Financial plunged 3.53 percent, Hana Financial tumbled 3.40 percent, Samsung Electronics advanced 0.96 percent, Samsung SDI spiked 2.24 percent, LG Electronics strengthened 2.34 percent, SK Hynix improved 0.93 percent, Naver increased 0.78 percent, LG Chem skyrocketed 8.46 percent, Lotte Chemical surged 10.75 percent, S-Oil climbed 0.98 percent, SK Innovation jumped 6.45 percent, POSCO rallied 1.58 percent, Hyundai Mobis gained 0.89 percent, Hyundai Motor accelerated 1.61 percent, Kia Motors added 0.58 percent and SK Telecom and KEPCO were unchanged.
The lead from Wall Street is cautiously optimistic as the major averages opened slightly higher on Tuesday, bounced back and forth across the line and finally ended mixed and little changed.
The Dow added 83.57 points or 0.20 percent to finish at 42,208.22, while the NASDAQ gained 100.25 points or 0.56 percent to end at 18,074.52 and the S&P 500 rose 14.36 points or 0.25 percent to close at 5,732.93.
The strength that emerged on Wall Street came on continued optimism for more rate cuts from the Federal Reserve in the coming months.
The upside was limited by concerns for the economy after the Conference Board reported a notable deterioration in U.S. consumer confidence in September.
Oil prices rallied on Tuesday as concerns about the outlook for demand eased after the Chinese central bank announced a slew of stimulus measures to boost the nation’s economy. An escalation in tensions in the Middle East, and reports of a new storm in Gulf of Mexico also contributed to the rise in oil prices. West Texas Intermediate Crude oil futures ended up by $1.19 or about 1.7 percent at $71.56 a barrel.
Market Analysis
South Korea Shares Tipped To Open In The Green
2024-09-24 23:02:48
