South Korea Stock Market May Challenge Resistance At 2,300 Points

(RTTNews) - The South Korea stock market has climbed higher in back-to-back trading days, gathering more than 30 points or 1.4 percent along the way. The KOSPI now rests just beneath the 2,280-point plateau and it's looking at another green light for Wednesday's trade.

The global forecast for the Asian markets is upbeat on rising oil prices and hopes for stimulus in the United States. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KOSPI finished sharply higher on Tuesday following gains from the financial shares, technology stocks and automobile producers.

For the day, the index advanced 28.93 points or 1.29 percent to finish at 2,279.97 after trading between 2,269.69 and 2,284.66. Volume was 713 million shares worth 15.1 trillion won. There were 677 gainers and 171 decliners.

Among the actives, Shinhan Financial climbed 1.00 percent, while KB Financial collected 0.71 percent, Hana Financial skidded 1.18 percent, Samsung Electronics advanced 0.88 percent, LG Electronics surged 3.41 percent, SK Hynix fell 0.24 percent, LG Display gathered 0.81 percent, LG Chem jumped 1.10 percent, Lotte Chemical added 0.59 percent, S-Oil rose 0.17 percent, SK Innovation rallied 1.93 percent, POSCO perked 1.04 percent, SK Telecom spiked 2.97 percent, KEPCO gained 0.79 percent, Hyundai Motors soared 4.33 percent and Kia Motors accelerated 3.65 percent.

The lead from Wall Street is positive as stocks showed a lack of direction Tuesday but managed to end the day mostly higher following a late move to the upside.

The Dow added 164.07 points or 0.62 percent to finish at 26,828.47, while the NASDAQ gained 38.37 points or 0.35 percent to end at 10,941.17 and the S&P 500 rose 11.90 points or 0.36 percent to close at 3,306.51.

The late-day strength on Wall Street reflected a positive reaction to comments from Senate Majority Leader Mitch McConnell, R-Ken.

McConnell told reports he is prepared to support a coronavirus relief bill agreement between Democrats and the White House even is he has some problems with certain parts of it.

The amount of the federal unemployment benefit remains a key sticking point, as Republicans want to slash the benefit to $200 per week and Democrats want to keep it at $600 per week.

In economic news, the Commerce Department noted another substantial increase in new orders for manufactured goods in June.

Crude oil futures settled notably higher Tuesday, with traders picking up positions ahead of inventory data on hopes of a drop in stockpiles. West Texas Intermediate Crude oil futures for September settled at $41.70 a barrel, gaining $0.69 or 1.7 percent for the session.

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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