South Korea Stocks May See Resistance At 2,100 Points

The South Korea stock market has finished higher in back-to-back trading days, collecting almost 30 points or 1.5 percent along the way. The KOSPI now rests just beneath the 2,090-point plateau although it may run out of steam on Wednesday.

The global forecast for the Asian markets is mixed to lower, thanks to renewed uncertainty regarding Brexit. The European markets were up and the U.S. bourses were down and the Asian markets are predicted to follow the latter lead.

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

For the day, the index jumped 24.02 points or 1.16 percent to finish at 2,088.86 after trading between 2,073.08 and 2,093.81. Volume was 495.95 million shares worth 4.7 trillion won. There were 497 gainers and 325 decliners.

Among the actives, Shinhan Financial climbed 1.28 percent, while KB Financial accelerated 2.20 percent, Hana Financial collected 1.27 percent, Samsung Electronics jumped 1.79 percent, LG Electronics added 0.43 percent, LG Display dipped 0.34 percent, SK Hynix spiked 2.06 percent, POSCO perked 1.13 percent, SK Telecom fell 0.21 percent, KEPCO rose 0.19 percent, Kia Motors gained 0.50 percent and Hyundai Motors and Samsung SDI were unchanged.

The lead from Wall Street soft as stocks were lackluster for much of Tuesday's trade, eventually sliding into negative territory as the day progressed.

The Dow shed 39.54 points or 0.15 percent to end at 26,788.10, while the NASDAQ lost 58.69 points or 0.72 percent to 8,104.30 and the S&P 500 fell 10.73 points or 0.36 percent to 2,995.99.

The pullback reflected renewed uncertainty about Brexit after U.K. lawmakers voted to move ahead with legislation related to Britain's withdrawal from the European Union but then voted against a shortened time frame to review the bill.

The choppy trading earlier in the session came as traders digested the latest batch of earnings news, with mixed results pulling the markets in opposite directions as McDonald's (MCD) and UPS (UPS) disappointed while Procter & Gamble (PG) and United Technologies (UTX) beat the street.

In economic news, the National Association of Realtors said existing home sales pulled back by much more than anticipated in September.

Crude oil prices moved up sharply on Tuesday, buoyed by reports that OPEC will announce more output reductions in December. West Texas Intermediate Crude oil futures for November contracts expired at $54.16 a barrel, gaining $0.85 or 1.6 percent for the session.

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