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South Korea Shares May Test Resistance At 2,200 Points

The South Korea stock market has tracked higher in back-to-back trading days, gathering more than a dozen points or 0.6 percent along the way. The KOSPI now rests just above the 2,190-point plateau and it's looking at another firm open again on Wednesday.

The global forecast for the Asian markets is upbeat on signs the United States government may avoid another shutdown. The European and U.S. markets were up and the Asian bourses are predicted to follow that lead.

The KOSPI finished modestly higher on Tuesday as gains from the technology stocks were capped by weakness from the financial sector.

For the day, the index collected 9.74 points or 0.45 percent to finish at 2,190.47 after trading between 2,178.59 and 2,195.05. Volume was 423.29 million shares worth 5.75 trillion won. There were 412 gainers and 404 decliners.

Among the actives, Samsung Electronics jumped 2.33 percent, while LG Electronics soared 3.75 percent, LG Display advanced 1.05 percent, SK Hynix spiked 2.43 percent, Hyundai Heavy Industries shed 0.76 percent, Samsung Heavy soared 2.92 percent, Shinhan Financial tumbled 1.96 percent, Hana Financial retreated 1.12 percent, KB Financial skidded 1.83 percent, Hyundai Motor rose 0.78 percent, POSCO shed 0.56 percent, SK Telecom lost 0.57 percent, KEPCO dropped 0.87 percent and Kia Motors was unchanged.

The lead from Wall Street is broadly positive as stocks moved sharply higher on Tuesday, hitting their best closing levels in two months.

The Dow climbed 372.65 points or 1.49 percent to 25,425,76, the NASDAQ jumped 106.71 points or 1.46 percent to 7,414.62 and the S&P 500 added 34.93 points or 1.29 percent to 2,744.73.

The rally on Wall Street came amid optimism lawmakers will avoid another government shutdown after negotiators reached a tentative agreement on border security. Lawmakers face a deadline of midnight Friday to pass a spending bill and avoid another government shutdown.

Optimism about this week's next round of U.S.-China trade talks also contributed to the strength on Wall Street as President Donald Trump may defer his deadline for raising tariffs.

Crude oil prices surged higher Tuesday on hopes OPEC-led production cuts and the U.S. sanctions on Iran and Venezuela will tighten crude supply in the global market. West Texas Intermediate Crude oil futures for March ended up $0.69 or 1.3 percent at $53.10 a barrel.

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