Higher Open Tipped For South Korea Bourse
(RTTNews) - The South Korea stock market on Monday snapped the two-day slide in which it had fallen more than 20 points or 1 percent. The KOSPI now rests just beneath the 2,065-point plateau and it may find additional support on Tuesday.
The global forecast for the Asian markets is upbeat on renewed optimism about a trade deal between the United States and China. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.
The KOSPI finished slightly higher on Monday as gains from the financial shares and technology stocks were capped by weakness from the industrial issues.
For the day, the index added 4.15 points or 0.20 percent to finish at 2,064.84 after trading between 2,059.33 and 2,067.97. Volume was 600 million shares worth 3.55 trillion won.
Among the actives, Shinhan Financial jumped 1.78 percent, while KB Financial collected 0.70 percent, Hana Financial advanced 1.00 percent, Samsung Electronics added 0.80 percent, LG Electronics gained 0.44 percent, LG Display surged 3.93 percent, SK Hynix rose 0.13 percent, POSCO tumbled 1.78 percent, Hyundai Steel plunged 2.49 percent, KEPCO sank 0.77 percent, Hyundai Motors lost 0.81 percent, Kia Motors shed 0.49 percent and SK Telecom was unchanged.
The lead from Wall Street is positive as stocks moved higher on Monday, sending the major averages to their best closing levels in a month.
The Dow added 57.44 points or 0.21 percent to 26,827.64, while the NASDAQ gained 73.44 points or 0.91 percent to 8,162.99 and the S&P 500 rose 20.52 points or 0.69 percent to 3,006.72.
The strength on Wall Street came amid renewed optimism about the completion of phase one of a U.S.-China trade deal following encouraging comments from President Donald Trump and Chinese Vice Premier Liu He.
Strong corporate results from last week also made traders hopeful as earnings season gets into full swing in the coming days, including the likes of McDonald's (MCD), Procter & Gamble (PG), UPS (UPS), Caterpillar (CAT), eBay (EBAY), Ford (F), Microsoft (MSFT), Tesla (TSLA), Twitter (TWTR) and Amazon (AMZN).
Crude oil futures drifted lower on Monday on worries that a global economic slowdown could threaten near term energy demand. West Texas Intermediate Crude oil futures for November fell $0.47 or 0.9 percent at $53.31 a barrel.