Rally May Stall For South Korea Stock Market

(RTTNews) - The South Korea stock market has moved higher in two straight sessions, gathering more than 40 points or 1.7 percent along the way. The KOSPI now sits just above the 2,510-point plateau although it may run out of steam on Wednesday.

The global forecast for the Asian markets suggests consolidation on profit taking and weak retail earnings. The European and U.S. markets were down and the Asian markets are tipped to open in similar fashion.

The KOSPI finished modestly higher on Tuesday following gains from the financial shares, oil companies and technology stocks, while the chemicals and automobile producers were mixed.

For the day, the index climbed 19.22 points or 0.77 percent to finish at 2,510.42. Volume was 340.42 million shares worth 7.6 trillion won. There were 598 gainers and 271 decliners.

Among the actives, Shinhan Financial jumped 1.79 percent, while KB Financial rose 0.37 percent, Hana Financial collected 0.72 percent, Samsung Electronics was up 0.14 percent, Samsung SDI strengthened 1.19 percent, LG Electronics spiked 1.69 percent, SK Hynix increased 0.46 percent, Naver improved 0.99 percent, LG Chem rallied 1.52 percent, Lotte Chemical fell 0.32 percent, S-Oil gathered 1.15 percent, SK Innovation advanced 1.14 percent, POSCO added 0.42 percent, SK Telecom perked 0.19 percent, KEPCO climbed 1.07 percent, Hyundai Mobis soared 2,66 percent, Hyundai Motor gained 0.33 percent and Kia Motors dropped 0.95 percent.

The lead from Wall Street is soft as the major averages opened lower on Tuesday and remained in the red throughout the session.

The Dow dropped 62.75 points or 0.18 percent to finish at 35,088.29, while the NASDAQ tumbled 84.55 points or 0.59 percent to end at 14,199.98 and the S&P 500 fell 9.19 points or 0.20 percent to close at 4,538.19.

The pullback on Wall Street came as some traders looked to cash in on the recent strength in the markets, which has lifted the major averages to their best levels in over three months.

A negative reaction to some of the latest earnings news from major retailers also weighed on Wall Street, with disappointing results from the likes of American Eagle Outfitters (AEO), Kohl's (KSS), Lowe's (LOW) and Best Buy (BBY).

The markets did not show much reaction to the minutes of the Federal Reserve's latest monetary policy meeting, which said Fed officials expect to keep interest rates at a restrictive level for "some time."

Crude oil futures settled slightly lower Tuesday ahead of this weekend's OPEC meeting as investors wait to see if more production cuts may be in store. West Texas Intermediate Crude oil futures for January eased $0.06 at $77.77 a barrel.