logo
Plus   Neg
Share
Email

Tech Shares Poised To Lift South Korea Bourse

The South Korea stock market has moved higher in three straight sessions, gathering more than 30 points or 1.5 percent along the way. The KOSPI now rests just beneath the 2,100-point plateau and it's expected to extend its gains again on Tuesday.

The global forecast for the Asian markets is firm on easing trade tensions between the United States and Mexico. The European and U.S. bourses were up and the Asian markets are tipped to follow that lead.

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

For the day, the index jumped 27.16 points or 1.31 percent to finish at 2,099.49 after trading between 2,057.97 and 2,081.16. Volume was 452.1 million shares worth 4.13 trillion won. There were 628 gainers and 191 decliners.

Among the actives, Shinhan Financial advanced 1.34 percent, while KB Financial advanced 1.35 percent, Hana Financial collected 0.67 percent, Samsung Electronics climbed 1.36 percent, LG Electronics dipped 0.51 percent, LG Display surged 3.00 percent, SK hynix accelerated 2.14 percent, POSCO rose 1.28 percent, SK Telecom shed 0.59 percent, KEPCO skidded 1.36 percent, Hyundai Motor jumped 2.14 percent, Kia Motors soared 4.5 percent, LG Chem spiked 1.97 percent and Lotte Chemical added 0.78 percent.

The lead from Wall Street is positive as stocks opened sharply higher Monday, faded a bit in the afternoon but still finished firmly in the green.

The Dow added 78.74 points or 0.30 percent to 26,062.68, while the NASDAQ gained 81.07 points or 1.05 percent to 7,823.17 and the S&P 500 rose 13.39 points or 0.47 percent to 2,886.73.

The morning rally came in reaction to news the U.S. and Mexico have reached an agreement to avert President Donald Trump's threatened tariffs on all Mexican imports.

Trump also said that existing tariffs on Chinese imports will force China to make a deal and threatened to impose more tariffs if Chinese President Xi Jinping does not attend a planned meeting at the G-20 summit later this month.

Crude oil futures ended lower Monday as concerns over near term energy demand outweighed prospects of a likely extension of production cuts by OPEC. West Texas Intermediate Crude oil futures for July ended down $0.73 or 1.4 percent at $53.26 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT