Markets

South Korea Stock Market May Extend Winning Streak

(RTTNews) - The South Korea stock market has moved higher in two straight sessions, collecting almost 45 points or 1.5 percent along the way. The KOSPI now rests just beneath the 3,050-point plateau and it may inch higher again on Wednesday.

The global forecast for the Asian markets is positive on solid earnings news and rising crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

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

For the day, the index gained 28.54 points or 0.94 percent to finish at 3,049.08 after trading between 3,030.53 and 3,051.65. Volume was 547 million shares worth 9.2 trillion won. There were 574 gainers and 271 decliners.

Among the actives, Shinhan Financial collected 0.49 percent, while Hana Financial rose 0.11 percent, Samsung Electronics climbed 1.28 percent, LG Electronics gained 0.80 percent, SK Hynix rallied 2.00 percent, Naver surged 2.48 percent, Samsung SDI spiked 1.77 percent, LG Chem advanced 1.10 percent, Lotte Chemical improved 1.04 percent, S-Oil retreated 1.40 percent, SK Innovation was up 0.19 percent, POSCO perked 0.64 percent, KEPCO dipped 0.22 percent, Hyundai Motor accelerated 1.18 percent, Kia Motors added 0.59 percent and KB Financial and SK Telecom were unchanged.

The lead from Wall Street suggests mild upside as the major averages opened solidly higher on Tuesday but faded as the day progressed, finishing only with slight gains.

The Dow added 15.73 points or 0.04 percent to finish at 35,756.88, while the NASDAQ rose 9.01 points or 0.06 percent to close at 15,235.71 and the S&P 500 gained 8.31 points or 0.18 percent to end at 4,574.79.

The early strength on Wall Street reflected a positive reaction to the latest batch of earnings news from several big-name companies such as UPS (UPS) and General Electric (GE).

Positive sentiment may also have been generated in reaction to a report from the Commerce Department showing new home sales in the U.S. skyrocketed in September. A separate report from the Conference Board showed consumer confidence reversed a three-month downward trend in October amid easing concerns about the Delta variant of the coronavirus.

Crude oil futures settled higher Tuesday, recovering from early losses amid increasing signs of a supply shortage and higher demand for oil. West Texas Intermediate Crude oil futures for December ended higher by $0.89 or 1.1 percent at $84.65 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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