Win Streak May Continue For South Korea Stock Market
(RTTNews) - The South Korea stock market has moved higher in back-to-back trading days, jumping almost 80 points or 2.6 percent along the way. The KOSPI now rests just beneath the 3,140-point plateau and it's expected to tick higher again on Wednesday.
The global forecast for the Asian markets is flat to slightly higher, again supported by oil and technology stocks. The European markets were mixed and the U.S. bourse were slightly higher and the Asian markets figure to split the difference.
The KOSPI finished sharply higher on Tuesday with gains from the financial, technology. Oil and industrial companies.
For the day, the index jumped 48.09 points or 1.56 percent to finish at 3,138.3 after trading between 3,115.23 and 3,142.58. Volume was 578 million shares worth 14.7 trillion won. There were 845 gainers and 58 decliners.
Among the actives, Shinhan Financial soared 3.20 percent, while KB Financial collected 2.74 percent, Hana Financial surged 3.87 percent, Samsung Electronics spiked 3.14 percent, LG Electronics improved 1.07 percent, SK Hynix jumped 1.94 percent, Naver rallied 1.86 percent, LG Chem skidded 1.38 percent, Lotte Chemical perked 2,75 percent, S-Oil climbed 1.51 percent, SK Innovation added 0.33 percent, POSCO strengthened 3.39 percent, SK Telecom advanced 1.02 percent, KEPCO gained 0.84 percent, Hyundai Motor accelerated 2.27 percent and Kia Motors gathered 1.50 percent.
The lead from Wall Street is cautiously optimistic as the major averages opened solidly higher on Tuesday but faded as the day progressed, finally finishing with small gains.
The Dow added 30.55 points or 0.09 percent to finish at 35,366.26, while the NASDAQ climbed 77.15 points or 0.52 percent to end at 15,019.80 and the S&P 500 rose 6.70 points or 0.15 percent to close at 4,486.23.
The higher open on Wall Street came hopes that the FDA's approval of the Pfizer/BioNTech COVID-19 vaccine could boost vaccination rates in the U.S. and spur economic growth.
In economic news, the Commerce Department reported a rebound in U.S. new home sales in July.
Investors also are looking ahead to a highly-anticipated speech by Fed Chairman Jerome Powell during the virtual Jackson Hole Symposium on Friday for more clarity on the Fed's tapering timeline.
Crude oil prices moved higher Tuesday for a second straight session as concerns for energy demand eased signs of falling coronavirus infections in China, India and some other countries. West Texas Intermediate Crude oil futures for October ended up $1.90 or 3 percent at $67.54 a barrel.
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