(RTTNews) - The South Korea stock market bounced higher again on Monday, one session after snapping the three-day winning streak in which it had jumped more than 410 points or 5.3 percent. The KOSPI now sits just beneath the 6,220-point plateau and it figures to open to the downside on Tuesday.
The global forecast for the Asian markets is soft thanks to recent developments in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow suit.
The KOSPI finished modestly higher on Monday following mixed performances from the financial shares and technology stocks, while the automobile producers were soft.
For the day, the index collected 27.17 points or 0.44 percent to finish at 6,219.09 after trading between 6,176.75 and 6,278.36. Volume was 683.8 million shares worth 22.3 trillion won. There were 533 decliners and 320 gainers.
Among the actives, Shinhan Financial perked 0.10 percent, while KB Financial dropped 0.86 percent, Hana Financial collected 0.16 percent, Samsung Electronics shed 0.69 percent, Samsung SDI skyrocketed 12.43 percent, LG Electronics skidded 1.19 percent, SK Hynix rallied 3.37 percent, Naver tumbled 2.29 percent, LG Chem rallied 2.24 percent, SK Innovation jumped 1.82 percent, POSCO Holdings surged 5.27 percent, SK Telecom added 0.63 percent, KEPCO gained 0.66 percent, Hyundai Mobis stumbled 1.64 percent, Hyundai Motor slumped 1.31 percent, Kia Motors fell 0.32 percent and Lotte Chemical was unchanged.
The lead from Wall Street is weak as the major averages opened mixed on Monday but quickly turned lower and ended in the red, although off of session lows.
The Dow dipped 4.87 points or 0.01 percent to finish at 49,442.56, while the NASDAQ shed 64.09 points or 0.26 percent to close at 24,404.39 and the S&P 500 sank 16.92 points or 0.24 percent to end at 7,109.14.
The modest weakness on Wall Street came amid concerns about the re-escalation of tensions between the U.S. and Iran following the latest developments in the Middle East.
Over the weekend, Iran once again closed the Strait of Hormuz and purportedly fired on tankers in the vital waterway, blaming the U.S. blockade of Iranian ports for the moves.
The latest threats combined with news that U.S. forces have seized an Iranian-flagged cargo ship in the Gulf of Oman, contributed to a significant rebound by the price of crude oil.
Crude oil prices skyrocketed on Monday after the U.S. seized an Iranian cargo ship and Iran vowed to retaliate, renewing supply-related concerns. West Texas Intermediate crude for May delivery was up $5.54 or 6.61 percent at $89.39 per barrel.
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