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Mild Upside Predicted For South Korea Bourse

The South Korea stock market on Tuesday snapped the two-day slide in which it had stumbled more than 25 points or 1.1 percent. The KOSPI now rests just above the 2,220-point plateau and it may tick higher again on Wednesday.

The global forecast for the Asian markets suggests mild upside, thanks to a rebound in crude oil prices. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.

The KOSPI finished sharply higher on Tuesday following gains from the financial shares and industrial issues, while the financials came in mixed.

For the day, the index climbed 22.05 points or 1.00 percent to finish at 2,223.12 after trading between 2,211.25 and 2,233.32. Volume was 510 million shares worth 6.47 trillion won. There were 568 gainers and 281 decliners.

Among the actives, Shinhan Financial advanced 0.92 percent, while KB Financial shed 0.35 percent, Hana Financial collected 0.88 percent, Samsung Electronics rose 0.34 percent, Samsung SDI skyrocketed 6.69 percent, LG Electronics gained 0.30 percent, SK Hynix climbed 1.01 percent, POSCO perked 0.68 percent, SK Telecom sank 0.67 percent, KEPCO jumped 1.57 percent, Hyundai Motors accelerated 1.92 percent, Kia Motors spiked 1.72 percent and LG Display was unchanged.

The lead from Wall Street is cautiously optimistic as stocks opened higher on Tuesday but faded as the day progressed, finally ending mixed but little changed.

The Dow eased 0.48 points or 0.01 percent to 29,276.34, while the NASDAQ added 10.55 points or 0.11 percent to 9,638.94 and the S&P 500 rose 5.66 points or 0.17 percent to 3,357.75.

The early upward move on Wall Street came as traders continued to shrug off concerns about the economic impact of the deadly coronavirus outbreak.

Federal Reserve Chairman Jerome Powell said during testimony before the House Financial Services Committee that the central bank is closely monitoring the coronavirus outbreak but also highlighted the resilience of the U.S. economy.

Crude oil prices edged higher Tuesday, rebounding from recent losses on reports the number of new cases coronavirus cases is slowing down. West Texas Intermediate crude oil futures for March ended up $0.37 or 0.8 percent at $49.94 a barrel.

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