logo
Plus   Neg
Share
Email

Win Streak May Continue For South Korea Shares

The South Korea stock market has finished higher in four straight sessions, gathering more than 65 points or 2.8 percent along the way. The KOSPI now rests just beneath the 2,445-point plateau and it may continue its winning ways again on Wednesday.

The global forecast for the Asian markets suggests mild upside, again led by the technology stocks ahead of the Federal Reserve announcement later today. The European and U.S. markets were up and the Asian bourses figure to follow suit.

The KOSPI finished modestly higher on Tuesday following mixed performances from the financials, technology stocks, industrials and oil and insurance companies.

For the day, the index gained 15.67 points or 0.65 percent to finish at 2,443.58 after trading between 2,423.79 and 2,444.57. Volume was 840 billion shares worth 11.7 trillion won. There were 423 decliners and 411 gainers.

Among the actives, KB Financial collected 0.13 percent, while Hana Financial fell 0.35 percent, Samsung Electronics advanced 0.99 percent, LG Electronics dipped 0.33 percent, SK Hynix rallied 2.38 percent, Samsung SDI soared 3.78 percent, LG Chem jumped 1.97 percent, Lotte Chemical plunged 2.53 percent, S-Oil retreated 0.89 percent, SK Innovation climbed 1.59 percent, POSCO dipped 0.26 percent, SK Telecom sank 0.81 percent, KEPCO dropped 0.97 percent, Hyundai Motors shed 0.56 percent, Kia Motors added 0.56 percent and Shinhan Financial was unchanged.

The lead from Wall Street is upbeat as stocks moved mostly higher on Tuesday, although the Dow gave back almost all of its gains.

The Dow rose 2.27 points or 0.01 percent to finish at 27,995.60, while the NASDAQ spiked 133.67 points or 1.21 percent to end at 11,190.32 and the S&P 500 rose 17.66 points or 0.52 percent to close at 3,401.20.

A continued rebound by technology stocks contributed to higher close on Wall Street, with big-name companies like Tesla (TSLA), Netflix (NFLX), Oracle (ORCL) and Facebook (FB) posting standout gains.

However, trade was somewhat subdued ahead of the Federal Reserve's monetary policy statement later today. The Fed is expected to leave interest rates unchanged, but traders will listen for any tweaks to the accompanying statement. The Fed's latest economic projections may also be of note.

In economic news, the Fed said U.S. industrial production slowed more than expected in August. Also, the Labor Department noted an increase in U.S. import prices last month, with prices jumping by much more than expected.

Crude oil futures ended sharply higher Tuesday as news of the stoppage of energy operations in the Gulf of Mexico due to Hurricane Sally outweighed concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for October rose $1.02 or 2.7 percent at $38.28 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT