KOSPI May Reverse Monday's Losses

(RTTNews) - The South Korea stock market turned lower again on Monday, one session after snapping the two-day slide in which it had plummeted more than 820 points or 9.9 percent. The KOSPI now sits just above the 8,050-point plateau although it figures to bounce higher again on Tuesday.

The global forecast for the Asian markets is mixed to higher, with support expected from the technology and oil stocks. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KOSPI finished modestly lower on Monday following mixed performances from the financial, chemical and technology sectors, while the automobile producers were strong. For the day, the index shed 37.01 points or 0.46 percent to finish at 8,051.33. Volume was 442.43 million shares worth 31.59 trillion won. There were 461 gainers and 412 decliners. Among the actives, Shinhan Financial collected 0.37 percent, while KB Financial added 0.47 percent, Hana Financial shed 0.64 percent, Samsung Electronics rallied 2.75 percent, Samsung SDI tanked 3.42 percent, LG Electronics vaulted 2.33 percent, SK Hynix tumbled 3.38 percent, Naver rose 0.41 percent, LG Chem plunged 2.93 percent, Lotte Chemical gained 0.64 percent, SK Innovation expanded 1.23 percent, POSCO Holdings improved 0.47 percent, SK Telecom slipped 0.23 percent, KEPCO jumped 2.35 percent, Hyundai Mobis soared 4.25 percent, Hyundai Motor accelerated 2.03 percent and Kia Motors surged 5.72 percent.

The lead from Wall Street is firm as the major averages opened higher on Monday and largely spent most of the day in the green, ending near daily highs.

The Dow climbed 155.84 points or 0.29 percent to finish at a record 53,055.91, while the NASDAQ jumped 288.49 points or 1.12 percent to close at 26,121.16 and the S&P 500 gained 54.19 points or 0.72 percent to end at 7,537.43.

The upward move on Wall Street came amid strength among technology stocks, with computer hardware stocks turning in some of the best performances as the NYSE Arca Computer Hardware Index shot up by 3.4 percent.

Substantial strength was also visible among networking and semiconductor stocks, with the NYSE Arca Networking Index and the Philadelphia Semiconductor Index surging by 2.8 percent and 2.2 percent, respectively.

In U.S. economic news, the Institute for Supply Management said growth in U.S. service sector activity slowed slightly in June, although it was in line with expectations.

Crude oil prices ticked lower on Monday as oil tanker traffic across the Strait of Hormuz increased gradually, while the Organization of Petroleum Exporting Countries (OPEC) agreed to increase output. West Texas Intermediate crude for August delivery was down $0.15 or 0.22 percent at $68.54 per barrel.