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South Korea Bourse May Extend Winning Streak

The South Korea stock market has climbed higher in three straight sessions, gathering more than 50 points or 2.2 percent along the way. The KOSPI now rests just above the 2,425-point plateau and it's got another green light for Tuesday's trade.

The global forecast for the Asian markets is mixed to higher, with strength from the technology stocks likely capped by weakness from the oil companies. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets figure to split the difference.

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

For the day, the index jumped 31.22 points or 1.30 percent to finish at 2,427.91 after trading between 2,410.79 and 2,429.07. Volume was 953 million shares worth 11.9 trillion won. There were 645 gainers and 218 decliners.

Among the actives, Shinhan Financial collected 1.05 percent, while KB Financial rallied 3.10 percent, Hana Financial jumped 1.77 percent, Samsung Electronics spiked 2.37 percent, LG Electronics fell 0.32 percent, SK Hynix accelerated 2.04 percent, Samsung SDI climbed 1.51 percent, LG Chem advanced 0.99 percent, Lotte Chemical skyrocketed 7.16 percent, S-Oil added 0.72 percent, SK Innovation increased 1.95 percent, POSCO perked 2.43 percent, SK Telecom gathered 2.06 percent, KEPCO gained 1.48 percent and Hyundai Motors and Kia Motors both surged 4.96 percent.

The lead from Wall Street is broadly positive as stocks showed a strong move to the upside on Monday, regaining some ground after taking heavy damage last week.

The Dow spiked 327.69 points or 1.18 percent to finish at 27,993.33, while the NASDAQ jumped 203.11 points or 1.25 percent to end at 11,056.65 and the S&P 500 gained 42.57 points or 1.27 percent to close at 3,383.54.

The rally on Wall Street partly reflected a rebound by technology stocks, which recovered after leading the markets lower last week. Apple (AAPL) has been a key driver of the markets in recent sessions and advanced by 3 percent after ending the previous session at its lowest closing level in a month.

Positive sentiment was also generated in reaction to news that AstraZeneca (AZN) has resumed a late-stage clinical trial of its coronavirus vaccine.

Crude oil futures settled lower Monday, extending recent losses amid rising concerns about outlook for energy demand after OPEC lowered its oil demand forecast. West Texas Intermediate Crude oil futures for October ended down $0.07 or 0.2 percent at $37.26 a barrel.

Closer to home, export prices in South Korea were down 0.2 percent on month in August, the Bank of Korea said this morning - after rising 0.1 percent in July. On a yearly basis, export prices dropped 6.8 percent after sliding 5.3 percent in the previous month.

Import prices fell 1.1 percent on month after losing 0.8 percent in July, and they were down 10.5 percent on year after dropping 8.9 percent a month earlier.

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