Win Streak Expected To Continue For South Korea Bourse
(RTTNews) - The South Korea stock market has moved higher in three straight sessions, collecting almost 60 points or 2 percent along the way. The KOSPI now sits just above the 3,120-point plateau and it may extend its gains again on Tuesday.
The global forecast for the Asian markets is upbeat, although the upside may be limited since they've already had the chance to respond to most of the catalysts, while plummeting oil proves may also cap the gains. Most European markets were closed and the U.S. bourses were sharply higher and the Asian markets also figure to open in the green.
The KOSPI finished slightly higher on Monday as gains from the financials were capped by weakness from the oil and chemical companies and a mixed picture from the technology stocks and automobile producers.
For the day, the index added 8.03 points or 0.26 percent to finish at 3,120.83 after trading between 3,101.86 and 3,127.20. Volume was 1.1 billion shares worth 12.8 trillion won. There were 511 gainers and 343 decliners.
Among the actives, Shinhan Financial jumped 1.79 percent, while KB Financial collected 1.30 percent, Hana Financial spiked 1.46 percent, Samsung Electronics advanced 0.71 percent, LG Electronics plunged 2.52 percent, SK Hynix climbed 1.42 percent, Naver sank 0.66 percent, LG Chem tanked 2.65 percent, Lotte Chemical skidded 1.33 percent, S-Oil dropped 0.99 percent, SK Innovation plunged 3.73 percent, POSCO surged 5.02 percent, SK Telecom shed 0.71 percent, KEPCO rallied 2.35 percent, Hyundai Motor rose 0.21 percent and Kia Motors retreated 1.27 percent.
The lead from Wall Street is broadly positive as the major averages opened higher and saw the gains accelerate at the session progressed.
The Dow climbed 373.98 points or 1.13 percent to finish at 33,527.19, while the NASDAQ jumped 225.49 points or 1.67 percent to end at 13,705.59 and the S&P 500 rallied 58.04 points or 1.44 percent to close at 4,077.91.
The rally on Wall Street came as traders finally had an opportunity to react to the much stronger than expected monthly jobs report, which was released while the markets were closed on Friday.
Stocks saw further upside when the Institute for Supply Management said its reading on activity in the service sector soared to an all-time high in March.
Crude oil prices sank sharply Monday, weighed down by the decision from major oil producers to increase production beginning in May. West Texas Intermediate Crude oil futures for May dropped $2.80 or 4.6 percent at $58.65 a barrel.
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