logo
Plus   Neg
Share
Email

South Korea Bourse May Extend Winning Streak

Ahead of Wednesday's holiday for Hangeul Day, the South Korea stock market had climbed higher in two straight sessions, advancing more than 25 points or 1.2 percent along the way. The KOSPI remains just above the 2,045-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is upbeat on renewed optimism for a trade deal between the United States and China. The European and U.S. markets were up and the Asian markets figure to open in similar fashion.

The KOSPI finished sharply higher on Tuesday following gains from the financial shares, industrial issues and technology stocks.

For the day, the index jumped 24.52 points or 1.21 percent to finish at 2,046.25 after trading between 2,024.63 and 2,046.81. Volume was 431 million shares worth about 4.14 trillion won. There were 532 gainers and 284 decliners.

Among the actives, Shinhan Financial collected 0.73 percent, while KB Financial advanced 1.09 percent, Hana Financial fell 0.44 percent, Samsung Electronics jumped 2.41 percent, LG Electronics sank 1.59 percent, LG Display was up 0.74 percent, SK Hynix gained 0.75 percent, Samsung SDI surged 3.19 percent, LG Chem accelerated 2.25 percent, POSCO perked 1.14 percent, SK Telecom gathered 0.86 percent, KEPCO rose 0.99 percent, Hyundai Motors climbed 1.17 percent and Kia Motors spiked 2.10 percent.

The lead from Wall Street is positive as stocks moved mostly higher on Wednesday, with traders expressing renewed optimism about upcoming U.S.-China trade talks.

The Dow added 181.97 points or 0.70 percent to 26,346.01, while the NASDAQ jumped 79.96 points or 1.02 percent to 7,903.74 and the S&P 500 rose 26.34 points or 0.91 percent to 2,919.40.

The strength on Wall Street followed reports that China is still open to reaching a partial trade deal with the U.S. Negotiators aren't optimistic about securing a broad agreement but said China would accept a limited deal as long as President Donald Trump does not impose any more tariffs.

Meanwhile, traders largely shrugged off the minutes of the Federal Reserve's September monetary policy meeting, which revealed a few participants expressed concerns that the markets expect more interest rate cuts than are appropriate.

Crude oil futures settled lower Wednesday after data showed an increase in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for November edged down $0.04 to $52.59 a barrel after hitting a high of $53.74 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT
>