Mild Upside Predicted For South Korea Stock Market

(RTTNews) - The South Korea stock market has tracked higher in three straight sessions, collecting more than 40 points or 1.6 percent along the way. The KOSPI now rests just above the 2,630-point plateau and it may inch higher again on Tuesday.

The global forecast for the Asian markets is cautiously optimistic amidst a lack of major catalysts. The European markets were mixed and little changed and the U.S. bourses saw mild upside, and the Asian markets figure to split the difference.

The KOSPI finished modestly higher on Monday following gains from the energy companies and steel producers, while the financials and technology stocks were mixed.

For the day, the index gained 24.26 points or 0.93 percent to finish at 2,632.58. Volume was 447.5 million shares worth 15.5 trillion won. There were 712 gainers and 178 decliners.

Among the actives, Shinhan Financial collected 0.43 percent, while KB Financial eased 0.20 percent, Hana Financial skidded 1.01 percent, Samsung Electronics retreated 1.13 percent, Samsung SDI rose 0.30 percent, LG Electronics surrendered 1.99 percent, SK Hynix plunged 3.59 percent, Naver surged 7.58 percent, LG Chem fell 0.31 percent, Lotte Chemical climbed 1.14 percent, S-Oil rallied 2.74 percent, SK Innovation skyrocketed 13.98 percent, POSCO spiked 3.72 percent, SK Telecom added 0.66 percent, KEPCO dropped 0.88 percent, Hyundai Mobis perked 0.22 percent, Hyundai Motor shed 0.41 percent and Kia Motors tumbled 1.78 percent.

The lead from Wall Street ends up slightly positive after a volatile session that saw the major averages bounce back and forth across the unchanged line throughout the day. The Dow climbed 100.57 points or 0.28 percent to finish at 35,559.86, while the NASDAQ added 29.37 points or 0.21 percent to close at 14,346.02 and the S&P 500 rose 6.76 points or 0.15 percent to end at 4,588.99.

Traders seemed reluctant to make significant moves as they await the release of key economic data in the coming days, including the closely watched monthly jobs report on Friday.

In U.S. economic news, MNI Indicators released a report showing Chicago-area business activity contracted at a slightly slower rate in the month of July.

Crude oil prices climbed higher on Monday and the oil futures contract posted the biggest monthly gain in over a year amid signs of tight supply and optimism over increased demand in the U.S. and China. West Texas Intermediate Crude oil futures for September ended higher by $1.22 or 1.5 percent at $81.80 a barrel. WTI crude futures gained 16 percent in July. Closer to home, South Korea will release June numbers for imports, exports and trade balance later this morning. Imports are expected to tumbled 24.6 percent on year after slipping 11.7 percent in May. Exports are called lower by an annual 14.5 percent after shedding 6.0 percent in the previous month. The trade surplus is pegged at $3.03 billion, up from $1.13 billion a month earlier.