Higher Open Called For South Korea Shares

(RTTNews) - The South Korea stock market has finished lower in two straight sessions, sinking more than 35 points or 1.4 percent along the way. The KOSPI now rests just above the 2,400-point plateau although it may find traction on Tuesday. The global forecast for the Asian markets is positive, mostly on bargain hunting following heavy selling last week. The European and U.S. markets were up and the Asian bourses figure to follow suit. The KOSPI finished modestly lower on Monday following losses from the technology, oil and chemical companies, while the financials and automobile producers were mixed. For the day, the index dropped 20.97 points or 0.87 percent to finish at 2,402.64 after trading between 2,383.76 and 2,405.56. Volume was 350.2 million shares worth 6.52 trillion won. There were 659 decliners and 218 gainers. Among the actives, Shinhan Financial shed 0.77 percent, while KB Financial dipped 0.20 percent, Hana Financial collected 0.44 percent, Samsung Electronics retreated 1.31 percent, LG Electronics lost 0.62 percent, SK Hynix slumped 1.10 percent, LG Chem tumbled 1.79 percent, Lotte Chemical declined 1.37 percent, S-Oil sank 0.97 percent, SK Innovation plunged 2.06 percent, POSCO dropped 0.93 percent, SK Telecom slid 0.33 percent, KEPCO skidded 1.09 percent, Hyundai Mobis tanked 2.28 percent, Hyundai Motor fell 0.35 percent, Kia Motors advanced 0.93 percent and Naver was unchanged.

The lead from Wall Street suggests mild upside as the major averages opened sharply higher on Monday, faded as the day progressed but still finished with modest gains.

The Dow added 72.17 points or 0.22 percent to finish at 32,889.09, while the NASDAQ advanced 72.04 points or 0.63 percent to close at 11,466.98 and the S&P 500 rose 12.20 points or 0.31 percent to end at 3,982.24.

The early rally on Wall Street reflected bargain hunting as some traders looked to pick up stocks at reduced levels following the steep drop last week.

However, buying interest waned over the course of the session as traders expressed concerns about the outlook for interest rates as recent economic data has led to worries the Federal Reserve will raise rates more than anticipated.

In economic news, the Commerce Department noted a sharp pullback in new orders for durable goods in January. Also, the National Association of Realtors said pending home sales in the U.S. spiked by more than expected in January.

Crude oil prices pulled back Monday, handing back recent gains on concerns that higher interest rates will tip the global economy into a recession. West Texas Intermediate crude for April delivery slid $0.64 or 0.8 percent to $75.68 a barrel.