KOSPI Expected To Recoup Tuesday's Losses

(RTTNews) - The South Korea stock market turned lower again on Tuesday, one day after ending the three-day losing streak in which it had stumbled almost 75 points or 2.9 percent. The KOSPI now sits just above the 2,575-point plateau although it's expected to bounce higher again on Wednesday.

The global forecast for the Asian markets is upbeat thanks to optimism over the U.S. presidential election. The European markets were mixed and the U.S. markets were up and the Asian markets figure to follow the latter lead.

The KOSPI finished modestly lower on Tuesday following losses from the technology, chemical and industrial sectors.

For the day, the index shed 12.09 points or 0.47 percent to finish at 2,576.88. Volume was 306.1 million shares worth 7.6 trillion won. There were 514 gainers and 356 decliners.

Among the actives, Shinhan Financial shed 0.55 percent, while KB Financial collected 0.33 percent, Hana Financial added 0.66 percent, Samsung Electronics tumbled 1.87 percent, Samsung SDI plummeted 5.93 percent, LG Electronics lost 0.43 percent, SK Hynix and Kia Motors both fell 0.41 percent, Naver gained 0.46 percent, LG Chem sank 0.46 percent, Lotte Chemical surged 5.97 percent, SK Innovation tanked 2.06 percent, POSCO retreated 1.59 percent, SK Telecom dropped 0.70 percent, KEPCO eased 0.22 percent, Hyundai Mobis slumped 1.21 percent and Hyundai Motor declined 0.69 percent.

The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and picked up steam as the day progressed, ending near session highs.

The Dow rallied 427.28 points or 1.02 percent to finish at 42,221.88, while the NASDAQ surged 259.19 points or 1.43 percent to close at 18,439.17 and the S&P 500 jumped 70.07 points or 1.23 percent to end at 5.782.76.

The rally on Wall Street reflected optimism the stock market and the U.S. economy in general will continue to perform well regardless of the results of the elections.

Polls show an extremely tight race between Vice President Kamala Harris and former President Donald Trump, suggesting the outcome of the presidential election may not be known by the end of the night.

In economic news, the Institute for Supply Management said service sector activity grew at an accelerated rate in October. Also, the Commerce Department saw a significant increase in the size of the U.S. trade deficit in September, as imports surged and exports slumped.

Oil futures settled higher on Tuesday, extending gains from the previous session as traders reacted positively to OPEC's decision to delay production increases, while a weaker dollar also supported prices. West Texas Intermediate Crude oil futures for December closed up $0.52 or 0.73 percent at $71.99 a barrel.