South Korea Shares May Add To Their Winnings On Tuesday

The South Korea stock market has finished higher in two of three trading days since the end of the four-day losing streak in which it had plunged almost 250 points or 5.8 percent. The KOSPI now sits just beneath the 2,470-point plateau and it may tick higher again on Tuesday.

The global forecast for the Asian markets is cautiously optimistic, with technology and oil stocks expected to lead the way higher. The European and U.S. markets were mostly higher and the Asian bourses are also likely to open to the upside.

The KOSPI finished sharply higher on Monday following strong gains from the technology stocks and industrials, while the financials also were mostly in the green.

For the day, the index surged 52.21 points or 2.16 percent to finish at 2,469.07 after trading between 2,437.53 and 2,480.01. Volume was 431.2 million shares worth 10.4 trillion won. There were 614 gainers and 282 decliners.

Among the actives, Shinhan Financial fell 0.37 percent, while KB Financial collected 2.12 percent, Hana Financial jumped 1.86 percent, Samsung Electronics surged 5.98 percent, Samsung SDI skyrocketed 6.49 percent, LG Electronics strengthened 1.81 percent, SK Hynix stumbled 3.65 percent, Naver rose 0.42 percent, LG Chem spiked 4.14 percent, Lotte Chemical plummeted 10.22 percent, SK Innovation rallied 6.04 percent, POSCO climbed 4.50 percent, SK Telecom slumped 1.07 percent, KEPCO improved 4.42 percent, Hyundai Mobis gained 2.78 percent, Hyundai Motor accelerated 5.34 percent and Kia Motors soared 5.57 percent.

The lead from Wall Street suggests mild upside as the major averages opened on opposite sides of the line on Monday and maintained a fairly narrow trading range before ending mixed.

The Dow shed 55.39 points or 0.13 percent to finish at 43,389.60, while the NASDAQ climbed 111.69 points or 0.60 percent to close at 18,791.81 and the S&P 500 added 23.00 points or 0.39 percent to end at 5,893.62.

The strength on Wall Street reflected bargain hunting as traders look to pick up stocks at reduced levels following last week’s steep drop amid concerns about the outlook for interest rates.

In U.S. economic news, the National Association of Home Builders said homebuilder confidence has improved much more than anticipated in November, hitting its highest level since April.

Oil prices climbed higher on Monday on concerns about likely shortage in supplies due to an escalation in Russia – Ukraine war, while a weaker dollar also contributed to the rise in oil prices. West Texas Intermediate Crude oil futures for December closed higher by $2.14 or 3.2 percent at 69.16 a barrel.

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