Plus   Neg

South Korea Bourse May Spin Its Wheels On Wednesday

The South Korea stock market has climbed higher in four straight sessions, climbing almost 60 points or 3 percent along the way. The KOSPI now rests just above the 2,140-point plateau although the rally may stall on Wednesday.

The global forecast for the Asian markets is murky thanks to ambiguity regarding trade and interest rates. The European markets were slightly higher and the U.S. bourses were mixed and little changed and the Asian markets figure to see little movement as well.

The KOSPI finished modestly higher on Tuesday following gains from the financial shares, technology stocks and industrials.

For the day, the index advanced 12.40 points or 0.58 percent to finish at 2,142.64 after trading between 2,128.70 and 2,143.12. Volume was 394 million shares worth 5.04 trillion won. There were 503 gainers and 322 decliners.

Among the actives, Shinhan Financial climbed 1.52 percent, while KB Financial jumped 1.74 percent, Hana Financial collected 2.45 percent, Samsung Electronics added 0.76 percent, LG Electronics spiked 1.79 percent, Samsung SDI gained 0.86 percent, SK Hynix rose 0.47 percent, POSCO perked 0.92 percent, SK Telecom advanced 0.85 percent, KEPCO fell 0.20 percent, Hyundai Motors was up 0.81 percent and Kia Motors gathered 0.71 percent.

The lead from Wall Street offers little clarity as stocks showed a lack of direction on Tuesday, bouncing back and forth across the unchanged line before ending mixed.

The Dow added 30.52 points or 0.11 percent to 27,492.63, while the NASDAQ rose 1.48 points or 0.02 percent to 8,434.60 and the S&P 500 fell 3.65 points or 0.12 percent to 3,074.62.

The early strength on Wall Street came amid continued optimism about a potential U.S.-China trade deal, with President Donald Trump and Chinese President Xi Jinping expected to sign phase one of an agreement sometime this month.

Buying interest was subdued, however, as traders wait for more concrete developments before continuing to buy stocks following the recent run to record highs.

But stocks ebbed following a report from the Institute for Supply Management showing better than expected growth in the U.S. service sector in October. The data raised concerns about the outlook for interest rates after the Federal Reserve said last week it's putting further rate cuts on hold.

Crude oil for December delivery is extending to recent gains on continued optimism about the outlook for global demand. West Texas Intermediate advanced $0.70 or 1.24 percent to $57.22.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT