Rebound Anticipated For South Korea Stock Market
(RTTNews) – The South Korea stock market on Tuesday halted the two-day winning streak in which it had advanced almost 30 points or 1.4 percent. The KOSPI now rests just above the 2,120-point plateau although it figures to bounce higher again on Wednesday.
The global forecast for the Asian markets suggests mild upside on cautious optimism for a trade deal between the United States and China. The European markets were mixed and flat and the U.S. markets were slightly higher – and the Asian bourses figure to split the difference.
The KOSPI finished slightly lower on Tuesday following losses from the automobile producers and mixed performances from the financial shares and technology stocks.
For the day, the index eased 2.15 points or 0.10 percent to finish at 2,121.35 after trading between 2,120.85 and 2,139.64. Volume was 524 million shares worth about 7.4 trillion won. There were 534 gainers and 291 decliners.
Among the actives, Shinhan Financial climbed 1.35 percent, while KB Financial shed 0.43 percent, Hana Financial collected 0.55 percent, LG Electronics lost 0.70 percent, SK Hynix gained 0.73 percent, POSCO perked 2.41 percent, SK Telecom sank 0.81 percent, KEPCO dipped 0.18 percent, Hyundai Motors tumbled 2.00 percent, Kia Motors skidded 1.68 percent and Samsung Electronics and LG Chem were unchanged.
The lead from Wall Street is mildly positive as stocks moved higher again on Tuesday, sending the major averages to fresh record closing highs.
The Dow added 62.80 points or 0.22 percent to 28,129.27, while the NASDAQ gained 18.66 points or 0.22 percent to 8,651.15 and the S&P 500 rose 7.51 points or 0.24 percent to 3,141.15.
The modest strength on Wall Street reflected recent upward momentum amid persistent optimism the U.S. and China will ultimately reach a trade agreement.
However, traders seemed reluctant to make more significant moves, with some looking to get a head start on Thursday’s Thanksgiving Day holiday.
In economic news, the Conference Board noted a continued and unexpected drop in consumer confidence in November. Also, the Commerce Department said new home sales pulled back from an upwardly revised level in October.
Crude oil prices moved modestly higher on Tuesday, extending gains from the previous session on optimism that the U.S.-China will ultimately reach an agreement to end their long-running trade dispute. Crude for January delivery climbed $0.40 to $58.41 a barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.