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South Korea Bourse May Extend Monday's Gains

The South Korea stock market has moved higher in two of three trading days since the end of the five-day slide in which it had surrendered more than 50 points or 2.2 percent. The KOSPI now rests just beneath the 2,360-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets is firm, primarily riding a jump in crude oil prices. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.

The KOSPI finished modestly higher on Monday as gains from the technology, chemical and financial shares were tempered by weakness from the industrials.

For the day, the index collected 15.36 points or 0.66 percent to finish at 2,359.08 after trading between 2,354.35 and 2,369.72. Volume was 238 million shares worth 4.8 trillion won. There were 416 decliners and 396 gainers.

Among the actives, Shinhan Financial collected 0.21 percent, while Woori Bank jumped 1.17 percent, Samsung Electronics climbed 1.47 percent, LG Electronics added 0.73 percent, SK hynix spiked 1.65 percent, LG Chem surged 5.23 percent, Lotte Chemical soared 3.22 percent, Hyundai Motor shed 0.37 percent, Kia Motors lost 0.62 percent, POSCO was unchanged and Hyundai Steel dropped 1.10 percent.

The lead from Wall Street is positive as stocks moved sharply higher on Monday, although the movement may have been exacerbated by the low volume.

The Dow jumped 259.58 points or 1.19 percent to 22,057.37, while the NASDAQ climbed 72.07 points or 1.13 percent to 6,432.26 and the S&P gained 26.68 points or 1.08 percent to 2,488.11.

The strength on Wall Street came as the impact of Hurricane Irma was not as severe as many had anticipated.

Trading activity was somewhat subdued, however, with September 11th memorials attracting a lot of attention.

Crude oil futures rose Monday on optimism over Hurricane Irma's less destructive path through Florida. October WTI oil was at $48.07/bbl on Nymex, up 59 cents, or 1.2 percent.

by RTT Staff Writer

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