The South Korea stock market has moved higher in back-to-back sessions, advancing more than 30 points or 1.2 percent along the way. The KOSPI now sits just above the 2,610-point plateau and it may extend its gains again on Tuesday.
The global forecast for the Asian markets is positive following a sharp drop in the price of oil. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The KOSPI finished sharply higher on Monday following gains from the technology stocks and chemicals, while the financials and automobile companies were soft.
For the day, the index climbed 29.16 points or 1.13 percent to finish at 2,612.43 after trading between 2,587.20 and 2,612.96. Volume was 327.6 million shares worth 9 trillion won. There were 615 gainers and 271 decliners.
Among the actives, Shinhan Financial plunged 3.45 percent, while KB Financial plunged 4.75 percent, Hana Financial retreated 1.65 percent, Samsung Electronics soared 3.94 percent, Samsung SDI skyrocketed 8.23 percent, LG Electronics rose 0.33 percent, SK Hynix tumbled 2.49 percent, Naver strengthened 1.55 percent, LG Chem surged 5.12 percent, Lotte Chemical spiked 3.94 percent, SK Innovation accelerated 6.12 percent, POSCO rallied 4.17 percent, SK Telecom fell 0.35 percent, Hyundai Mobis declined 1.36 percent, Hyundai Motor added 0.44 percent, Kia Motors gained 3.02 percent and KEPCO was unchanged.
The lead from Wall Street is upbeat as the major averages opened modestly higher on Monday and stayed that way throughout the trading day.
The Dow rallied 273.17 points or 0.65 percent to finish at 42,387.57, while the NASDAQ gained 48.58 points or 0.26 percent to finish at 18,567.19 and the S&P 500 added 15.40 points or 0.27 percent to end at 5,823.52.
The strength on Wall Street came amid a steep drop by the price of oil. Oil prices fell sharply on Monday as concerns about supply disruptions faded after Israel avoided hitting Iranian oil facilities over the weekend. West Texas Intermediate Crude oil futures for December plunged $4.40 or 6.1 percent at $67.38 a barrel.
Meanwhile, traders were also looking ahead to the release of key U.S. economic data later in the week. The monthly jobs report as well as a report on personal income and spending that includes the Federal Reserve’s preferred inflation readings are likely to be in the spotlight.
The data could impact the outlook for the economy as well as expectations regarding how quickly the Fed will lower interest rates.
Market Analysis
Win Streak May Continue For South Korea Shares
2024-10-28 23:01:02
