South Korea Stock Market May Spin Its Wheels On Wednesday
(RTTNews) - The South Korea stock market has climbed higher in four straight sessions, climbing almost 90 points or 4 percent along the way. Now at a fresh nine-month closing high, the KOSPI sits just beneath the 2,240-point plateau although it may run out of steam on Wednesday.
The global forecast for the Asian markets is murky ahead of the trade deal between the United States and China that is expected to be signed later this week. The European markets were barely higher and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.
The KOSPI finished modestly higher on Tuesday following gains from the financial shares and automobile producers.
For the day, the index advanced 9.62 points or 0.43 percent to finish at 2,238.88 after trading between 2,232.94 and 2,250.79. Volume was 823 million shares worth 7.1 trillion won. There were 426 gainers and 390 decliners.
Among the actives, Shinhan Financial collected 0.24 percent, while KB Financial surged 2.46 percent, Hana Financial climbed 1.58 percent, LG Electronics spiked 1.84 percent, LG Chem rose 0.30 percent, POSCO perked 1.47 percent, SK Telecom added 0.64 percent, KEPCO gained 0.93 percent, Hyundai Motors advanced 0.87 percent, Kia Motors jumped 1.73 percent and Samsung Electronics and SK Hynix were unchanged.
The lead from Wall Street offers little clarity as the markets showed a lack of direction on Tuesday, bouncing back and forth across the unchanged line before eventually closing mixed.
The Dow added 32.62 points or 0.11 percent to finish at 28,939.67, while the NASDAQ lost 22.60 points or 0.24 percent to 9,251.33 and the S&P 500 fell 4.98 points or 0.15 percent to 3,283.15.
The choppy trading on Wall Street came as traders seemed reluctant to make big moves following quarterly results from several big-name financial companies as JPMorgan Chase (JPM) and Citigroup (C) beat the street while Wells Fargo (WFC) missed badly.
Stocks saw some volatility in afternoon trading on reports that tariffs on billions of dollars of Chinese goods are likely to remain in place until after the U.S. elections in November.
In U.S. economic news, the Labor Department said consumer prices in the U.S. increased by slightly less than anticipated in December.
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