KOSPI Expected To Reverse Tuesday's Losses
(RTTNews) - The South Korea stock market turned lower again on Tuesday, one day after ending the two-day slide in which it had stumbled more than 60 points or 2.5 percent. The KOSPI now sits just above the 2,400-point plateau although it's likely to bounce higher again on Wednesday.
The global forecast for the Asian markets is positive on optimism over the outlook for interest rates and easing bond yields. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.
The KOSPI finished slightly lower on Tuesday following losses from the industrials, gains from the financials and a mixed picture from the technology stocks.
For the day, the index slipped 6.15 points or 0.26 percent to finish at 2,402.58 after trading between 2,402.44 and 2,448.24. Volume was 410.31 million shares worth 9.3 trillion won. There were 626 decliners and 259 gainers.
Among the actives, Shinhan Financial collected 0.57 percent, while KB Financial strengthened 1.43 percent, Hana Financial advanced 0.82 percent, Samsung SDI jumped 1.87 percent, Samsung Electronics gained 0.61 percent, LG Electronics skyrocketed 7.03 percent, SK Hynix sank 0.75 percent, Naver perked 0.16 percent, LG Chem fell 0.40 percent, Lotte Chemical improved 0.99 percent, S-Oil surged 3.98 percent, SK Innovation declined 1.73 percent, POSCO plunged 4.09 percent, SK Telekom rallied 2.17 percent, KEPCO added 0.46 percent, Hyundai Mobis rose 0.22 percent, Hyundai Motor tumbled 1.98 percent and Kia Company retreated 1.29 percent.
The lead from Wall Street is upbeat as the major averages opened higher on Tuesday and accelerated as the day progressed, although late profit taking saw them end well off session highs.
The Dow climbed 134.65 points or 0.40 percent to finish at 33,739.30, while the NASDAQ gained 78.60 points or 0.58 percent to close at 13,562.84 and the S&P 500 added 22.58 points or 0.52 percent to end at 4,358.24.
Despite concerns about the ongoing war in the Middle East, the mood on Wall Street was fairly positive as dovish comments from some Federal Reserve officials lowered expectations for further interest rate hikes and pushed down bond yields.
In economic news, the International Monetary Fund downgraded its global growth forecast for next year, saying the projections are weakest in decades, while the likelihood of a soft-landing has increased with growing divergences amid modestly easing inflationary pressures.
Crude oil prices fell on Tuesday as traders assessed the likely impact of potential supply disruptions due to the ongoing war in the Middle East. West Texas Intermediate Crude oil futures for November shed $0.41 or 0.5 percent at $85.97 a barrel.
