Additional Support Predicted For South Korea Stock Market

(RTTNews) - The South Korea stock market on Tuesday ended the two-day slide in which it had stumbled more than 60 points or 2.5 percent to a fresh 19-month closing low. The KOSPI now rests just beneath the 2,410-point plateau and it's expected to open in the green again on Wednesday.

The global forecast for the Asian markets is upbeat, with oil, telecom and technology stocks expected to lead the way. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KOSPI finished modestly higher on Tuesday following gains from the automobile producers, weakness from the oil companies and mixed performances from the financials and technology shares.

For the day, the index picked up 17.90 points or 0.75 percent to finish at 2,408.93 after trading between 2,385.60 and 2,423.48. Volume was 468.76 million shares worth 7.29 trillion won. There were 689 gainers and 187 decliners.

Among the actives, Shinhan Financial shed 0.38 percent, while KB Financial declined 1.17 percent, Hana Financial collected 0.60 percent, Samsung Electronics shed 0.34 percent, LG Electronics improved 0.89 percent, SK Hynix gained 0.74 percent, Naver rallied 2.35 percent, LG Chem sank 0.70 percent, Lotte Chemical retreated 1.27 percent, S-Oil plunged 3.10 percent, SK Innovation dipped 0.23 percent, POSCO slumped 0.79 percent, SK Telecom eased 0.19 percent, KEPCO added 0.46 percent, Hyundai Motor climbed 1.17 percent and Kia Motors spiked 2.38 percent.

The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and remained solidly in the green throughout the day, closing near session highs.

The Dow surged 641.47 points or 2.15 percent to finish at 30,530.25, while the NASDAQ spiked 270.95 points or 2.51 percent to end at 11,069.30 and the S&P 500 jumped 89.95 points or 2.45 percent to close at 3,764.79.

The rally on Wall Street came as traders picked up stocks at reduced levels following recent weakness in the markets. Bargain hunting also contributed to strength in the overseas markets that carried over onto Wall Street early in the day.

In economic news, the National Association of Realtors noted another steep drop in U.S. existing home sales in May.

Crude oil prices bounced higher again Tuesday, recovering from the selloff in the previous session that was fueled by recession concerns. West Texas intermediate for August delivery jumped $1.53 or 1.4 percent to $109.52 a barrel.