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Rebound Predicted For South Korea Stock Market

The South Korea stock market headed south again on Tuesday, one session after it had ended the three-day slide in which it had fallen almost 35 points or 1.6 percent. The KOSPI now rests just beneath the 2,285-point plateau although it figures to bounce higher again on Wednesday.

The global forecast for the Asian markets is upbeat that to a surge in crude oil prices, while bargain hunting also is expected. The European markets were mixed but little changed and the U.S. bourses were up - and the Asian markets figure to follow the latter lead.

The KOSPI finished modestly lower on Tuesday as losses from the technology stocks and industrials were tempered by support from the financial sector.

For the day, the index lost 5.46 points or 0.24 percent to finish at 2,283.20. Volume was 361.47 million shares worth 5.7 trillion won. There were 462 gainers and 342 decliners.

Among the actives, Shinhan Financial collected 0.12 percent, while KB Financial picked up 0.20 percent, Woori Bank gathered 0.62 percent, Hana Financial advanced 0.72 percent, Samsung Electronics shed 0.99 percent, LG Electronics lost 0.41 percent, LG Display plummeted 4.95 percent, SK hynix added 0.13 percent, SK Telecom spiked 2.26 percent, KEPCO gained 0.33 percent, Hyundai Motor tumbled 2.29 percent, Kia Motors was up 0.15 percent, POSCO plunged 3.95 percent and LG Chem skidded 1.73 percent.

The lead from Wall Street is positive as stocks shrugged off a lower open on Tuesday, bouncing off early lows to end in positive territory.

The Dow rose 113.99 points or 0.44 percent to 25,971.06, while the NASDAQ climbed 48.31 points or 0.61 percent to 7,972.47 and the S&P added 10.76 points or 0.37 percent to 2,887.89.

The strength came largely as traders looked to pick up stocks at reduced levels following recent weakness.

Trading activity remained somewhat subdued, however, as a lack of major U.S. economic data kept some traders on the sidelines.

Crude oil futures ended higher on Tuesday, snapping a four-day losing streak, with falling output in Iran tightening global crude supply. Crude oil futures for October ended up $1.70 or 2.5 percent at $69.25 a barrel, the highest settlement price in a week.

by RTTNews Staff Writer

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