KOSPI Overdue For Consolidation On Thursday

(RTTNews) - Ahead of Wednesday's market holiday for Election Day, the South Korea stock market had moved higher in three straight sessions, rallying more than 610 points or 7.7 percent in that span. Now at a fresh record closing high, the KOSPI sits just above the 8,800-point plateau although investors figure to lock in gains on Thursday.

The global forecast for the Asian markets is negative on rising oil prices and continuing hostilities in the Middle East. The European and U.S. markets were down and the Asian markets figure to follow suit.

The KOSPI finished slightly higher on Tuesday as gains from the financial shares, telecoms and technology stocks were offset by weakness among the chemicals and industrials.

For the day, the index rose 13.11 points or 0.15 percent to finish at 8,801.49 after trading between 8,503.12 and 8,933.62. Volume was 626.03 million shares worth 67.5 trillion won. There were 635 decliners and 269 gainers.

Among the actives, Shinhan Financial soared 4.10 percent, while KB Financial collected 2.96 percent, Hana Financial jumped 2.72 percent, Samsung Electronics rallied 3.30 percent, Samsung SDI plummeted 7.67 percent, LG Electronics vaulted 3.15 percent, SK Hynix eased 0.13 percent, Naver spiked 3.31 percent, LG Chem stumbled 2.34 percent, Lotte Chemical slumped 1.28 percent, SK Innovation perked 0.09 percent, POSCO Holdings cratered 3.39 percent, SK Telecom skyrocketed 11.59 percent, KEPCO tanked 2.33 percent, Hyundai Mobis dipped 0.26 percent, Hyundai Motor tumbled 2.80 percent and Kia Motors sank 0.65 percent.

The lead from Wall Street is weak as the major averages opened lower on Wednesday and tracked deeper into the red as the day progressed, ending near session lows.

The Dow rumbled 620.72 points or 1.21 percent to finish at 50,687.07, while the NASDAQ sank 239.92 points or 0.89 percent to end at 26,853.98 and the S&P 500 lost 56.10 points or 0.74 percent to close at 7,553.68.

The pullback on Wall Street came on uncertainty about the situation in the Middle East, as negotiations between the U.S and Iran continue to drag on.

U.S. Central Command said U.S. forces defeated multiple Iranian ballistic missiles and drones and conducted "self-defense" strikes on Qeshm Island in response to attempted attacks by Iran. But the ongoing military exchanges have contributed to a sharp increase by the price of crude oil.

Crude oil prices soared on Wednesday as fresh military strikes in the Middle East renew war concerns as the Strait of Hormuz remains blocked for oil and energy trade. West Texas Intermediate crude for July delivery was up $2.31 or 2.46 percent at $96.07 per barrel.

In U.S. economic news, the Institute for Supply Management released a report showing its reading on U.S. service sector activity increased by more than expected in the month of May.