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South Korea Stock Market Has A Green Light

The South Korea stock market has finished higher in two of three volatile days since the end of the seven-day losing streak in which it had fallen more than 510 points or 29 percent. The KOSPI now rests just above the 1,600-point plateau and it may extend its gains on Wednesday.

The global forecast for the Asian markets is broadly positive on optimism that a massive stimulus bill from the U.S. Congress is close at hand. The European and U.S. markets finished with huge gains and the Asian bourses are now tipped to open in the green.

The KOSPI finished with major gains on Tuesday with gains in all sectors - especially the financials, technology stocks and industrials.

For the day, the index accelerated 127.51 points or 8.60 percent to finish at the daily high of 1,609.97 after moving as low as 1,508.68. Volume was 670 million shares worth 10.3 trillion won. There were 866 gainers and 35 decliners.

Among the actives, Shinhan Financial advanced 7.88 percent, while KB Financial gathered 5.42 percent, Hana Financial collected 4.07 percent, Samsung Electronics spiked 10.47 percent, LG Electronics rose 5.72 percent, Samsung SDI accelerated 12.81 percent, SK Hynix soared 13.40 percent, POSCO perked 5.43 percent, SK Telecom added 3.32 percent, KEPCO gained 7.80 percent, Hyundai Motors jumped 8.56 percent and Kia Motors climbed 7.44 percent.

The lead from Wall Street suggests major upside as stocks skyrocketed on Tuesday, cutting into the losses suffered in recent weeks due to concerns over the coronavirus.

The Dow skyrocketed 2,112.98 points or 11.37 percent to end at 20,704.91, while the NASDAQ soared 557.18 points or 8.12 percent to 7,417.86 and the S&P 500 surged 209.93 points or 9.3 percent to 2,447.33.

The rally on Wall Street came amid indications Democrats and Republicans are closing in on an agreement on a massive fiscal stimulus bill. Democrats are still pushing for increased oversight of a proposed $500 billion bailout fund to help industries that are struggling amid the coronavirus outbreak.

Traders were also reacting to President Donald Trump's comments suggesting the coronavirus-related shutdown of much of the country could end sooner than many anticipated - although that flies in contrast to what most health experts say.

Crude oil prices were higher Tuesday, extending gains from the previous session thanks to the Federal Reserve's massive asset-buying scheme. Optimism for a $2 trillion fiscal stimulus bill added to the positive sentiment. West Texas Intermediate Crude oil futures for May ended up $0.65 or 2.8 percent at $24.01 a barrel.

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