Korea Stocks Likely Rangebound On Tuesday

By RTT News, 

(RTTNews.com) - The South Korea stock market has finished higher now in back-to-back sessions, advancing more than 20 points or 1 percent en route to an eight-month closing high. The KOSPI closed just below the 2,050-point plateau, and the market figures to remain in that neighborhood on Tuesday.

The global forecast for the Asian markets has no clear direction, with traders likely to remain cautious ahead of potentially market-moving events later in the week. The European and U.S. markets were mixed but little changed, and the Asian markets are expected to follow that lead.

The KOSPI finished modestly higher on Monday following mixed performances from the technology stocks and the industrial issues.

For the day, the index climbed 14.96 points or 0.74 percent to finish at 2,048.81 after trading between 2,035.96 and 2,053.84. Volume was 343.24 million shares worth 4.54 trillion won.

Among the actives, Korea Electric Power Corp. (KEPCO) spiked 6.3 percent, while POSCO jumped 2.6 percent, Samsung Electronics gained 0.2 percent, Naver added 0.9 percent, LG Chem advanced 0.5 percent, SK Hynix tumbled 2 percent, Hyundai Motor eased 0.2 percent and Hyundai Mobis dipped 0.2 percent.

The lead from Wall Street offers little clarity as stocks ended Monday's session roughly flat following last week's mixed performance.

The NASDAQ edged down 4.65 points or 0.1 percent to 4,444.91, while the Dow crept up 22.02 points or 0.1 percent to 16,982.59 and the S&P 500 inched up 0.57 points or less than a tenth of a percent to 1,978.91.

Later this week, the Federal Reserve's monetary policy announcement on Wednesday and the release of the Labor Department's monthly jobs report on Friday are likely to be two major focal points for the markets.

Negative sentiment was also generated by the National Association of Realtors, which saw an unexpected drop in pending home sales in June. But stocks rebounded in a positive reaction to news on the merger-and-acquisition front.

Shares of Family Dollar ( FDO ) moved sharply higher on the day after the discount retailer agreed to be acquired by rival Dollar Tree ( DLTR ) in a deal valued at approximately $9.2 billion.

Real estate website operator Trulia (TRLA) also posted a standout gain after agreeing to be acquired by rival Zillow (Z) for $3.5 billion in stock.

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