Additional Support Anticipated For South Korea Stock Market

(RTTNews) - The South Korea stock market on Monday ended the three-day slide in which it had fallen almost 30 points or 1.4 percent. The KOSPI now rests just above the 2,215-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets is upbeat on hopes for further stimulus in the face of the coronavirus pandemic. The European markets were slightly lower and the U.S. bourses were firmly higher and the Asian markets are tipped to follow the latter lead.

The KOSPI finished modestly higher on Monday following gains from the automobile producers and technology stocks, while the financials came in mixed.

For the day, the index gained 17.42 points or 0.79 percent to finish at 2,217.86 after trading between 2,203.48 and 2,231.25. Volume was 918 million shares worth 9.3 trillion won. There were 561 gainers and 284 decliners.

Among the actives, KB Financial collected 0.14 percent, while Hana Financial fell 0.35 percent, Samsung Electronics spiked 2.58 percent, LG Electronics slid 0.67 percent, SK Hynix skidded 1.08 percent, LG Chem rose 0.19 percent, Lotte Chemical sank 1.16 percent, S-Oil shed 0.81 percent, SK Innovation lost 0.76 percent, POSCO perked 1.03 percent, SK Telecom added 0.24 percent, KEPCO dropped 1.03 percent, Hyundai Motors gained 0.82 percent, Kia Motors spiked 2.17 percent and Shinhan Financial was unchanged.

The lead from Wall Street is positive as stocks rebounded from last week's weakness as traders cycled back into big-name tech stocks.

The Dow added 114.88 points or 0.43 percent to finish at 26,584.77, while the NASDAQ jumped 173.09 points or 1.67 percent to end at 10,536.27 and the S&P 500 rose 23.78 points or 0.74 percent to close at 3,239.41.

The strength on Wall Street partly reflected optimism about additional fiscal stimulus after Treasury Secretary Steven Mnuchin said Republicans have finalized their new coronavirus relief legislation.

In economic news, the Commerce Department released report showing durable goods orders continued to move sharply higher in June.

Crude oil prices rebounded after early losses on Monday as the dollar fell to its lowest level in two years. West Texas Intermediate Crude oil futures for September ended up $0.31 or 0.8 percent at $41.60 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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