Plus   Neg

South Korea Shares May Extend Winning Streak

The South Korea stock market has finished higher in three straight sessions, climbing almost 80 points or 3.6 percent along the way. Now at a nine-month closing high, the KOSPI sits just beneath the 2,230-point plateau and it's looking at another firm lead for Tuesday's trade.

The global forecast for the Asian markets is upbeat on optimism ahead of the trade deal between the United States and China that is expected to be signed later this week. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KOSPI finished sharply higher on Monday following gains from the technology stocks and industrials, while the financials came in mixed.

For the day, the index climbed 22.87 points or 1.04 percent to finish at 2,229.26 after trading between 2,204.49 and 2,230.43. Volume was 480 million shares worth 6.1 trillion won. There were 594 gainers and 248 decliners.

Among the actives, Shinhan Financial collected 0.97 percent, while KB Financial dipped 0.21 percent, Hana Financial shed 0.57 percent, Samsung Electronics advanced 0.84 percent, LG Electronics gained 0.55 percent, LG Chem spiked 2.31 percent, SK Hynix climbed 1.62 percent, POSCO perked 0.42 percent, SK Telecom jumped 1.52 percent, KEPCO added 0.37 percent, Hyundai Motors gathered 1.32 percent and Kia Motors rose 0.12 percent.

The lead from Wall Street is positive as stocks moved mostly higher on Monday, rebounding from the pullback in the previous session. With the upward move, the NASDAQ and the S&P 500 ended the session at new record closing highs.

The Dow added 83.28 points or 0.29 percent to finish at 28,907.05, while the NASDAQ jumped 95.07 points or 1.04 percent to 9,273.93 and the S&P 500 rose 22.78 points or 070 percent to 3,288.13.

The strength on Wall Street came amid continued optimism about impact of the phase one China-U.S. trade deal. Chinese Vice Premier Liu He is scheduled to visit Washington to sign the deal, which is said to include reduced tariffs on Chinese goods in exchange for increased Chinese purchases of U.S. agricultural products.

Stocks saw further upside after various media reports said the Treasury Department will drop its designation of China as a "currency manipulator" ahead of the signing of the deal.

Crude oil prices declined sharply on Monday amid easing worries about U.S.-Iran tensions as the futures contract settled at its lowest level in six weeks. West Texas Intermediate Crude oil futures ended down $0.96 or 1.6 percent at $58.08 a barrel, the lowest price since early December.

For comments and feedback contact: editorial@rttnews.com

Follow RTT