KOSPI Has Another Positive Lead For Tuesday

(RTTNews) - The South Korea stock market has moved higher in 10 straight sessions, surging more than 260 points or 8.3 percent along the way. Now at another fresh record closing high, the KOSPI sits just beneath the 3,410-point plateau and it's tipped to open in the green again on Tuesday.

The global forecast for the Asian markets is positive on an improving outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow suit.

The KOSPI finished modestly higher again on Monday as gains from the financial shares and technology stocks were capped by weakness from the automobile producers.

For the day, the index added 11.77 points or 0.35 percent to finish at 3,407.31 after trading between 3,391.33 and 3,420.23. Volume was 374.97 million shares worth 12.53 trillion won. There were 482 gainers and 397 decliners.

Among the actives, Shinhan Financial advanced 0.87 percent, while KB Financial collected 0.25 percent, Hana Financial rallied 2.48 percent, Samsung Electronics strengthened 1.46 percent, Samsung SDI gained 0.83 percent, LG Electronics perked 0.13 percent, SK Hynix improved 0.76 percent, Naver sank 0.85 percent, LG Chem climbed 1.21 percent, Lotte Chemical fell 0.30 percent, SK Innovation slumped 0.83 percent, SK Telecom skidded 1.09 percent, KEPCO shed 0.27 percent, Hyundai Mobis declined 1.28 percent, Hyundai Motor stumbled 3.80 percent, Kia Motors plunged 3.97 percent and POSCO Holdings was unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Monday and largely remained in the green throughout the trading day.

The Dow rose 49.23 points or 0.11 percent to finish at 45,883.45, while the NASDAQ jumped 207.65 points or 0.94 percent to end at a record 22,348.75 and the S&P 500 gained 30.99 points or 0.47 percent to close at 6,615.28, also a record.

The strength on Wall Street came following positive comments from President Donald Trump about trade talks between top U.S. and Chinese officials in Europe.

Traders also continued to look ahead to the Federal Reserve's monetary policy announcement on Wednesday. With recent data showing relatively subdued inflation and a weakening labor market, the Fed is widely expected to lower interest rates by at least a quarter-point.

Traders are likely to pay close attention to the Fed's accompanying statement as well as Fed Chair Jerome Powell's post-meeting comments for clues about the likelihood of further rate cuts.

Crude oil moved sharply higher on Monday amid brewing Middle East tensions and the heightening Russia-Ukraine war even as softening demand concerns surface. West Texas Intermediate crude for October delivery was up $0.58 or 0.93 percent at $63.27 per barrel.