Renewed Support Anticipated For South Korea Shares

(RTTNews) - The South Korea stock market has alternated between positive and negative finishes through the last four trading days since the end of the four-day losing streak in which it had plunged almost 125 points or 4.6 percent. The KOSPI now sits just beneath the 2,625-point plateau and it figures to bounce higher again on Wednesday.

The global forecast for the Asian markets is upbeat on optimism over earnings season. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.

The KOSPI finished slightly lower on Tuesday following losses from the chemicals and technology stocks, while the automobile companies were up and the financials were mixed.

For the day, the index slipped 6.42 points or 0.24 percent to finish at 2,623.02 after trading between 2,619.72 and 2,641.78. Volume was 316 million shares worth 9.43 trillion won. There were 671 gainers and 403 decliners.

Among the actives, Shinhan Financial slumped 0.90 percent, while KB Financial collected 1.01 percent, Hana Financial climbed 1.05 percent, Samsung Electronics sank 0.79 percent, Samsung SDI plunged 3.44 percent, LG Electronics advanced 0.87 percent, SK Hynix fell 0.35 percent, Naver shed 0.44 percent, LG Chem retreated 1.59 percent, Lotte Chemical declined 1.60 percent, S-Oil jumped 1.71 percent, SK Innovation tumbled 1.99 percent, POSCO dropped 0.89 percent, SK Telecom dipped 0.20 percent, KEPCO rallied 2.63 percent, Hyundai Mobis lost 0.21 percent, Hyundai Motor accelerated 1.84 percent and Kia Motors gained 0.70 percent.

The lead from Wall Street is positive as the major averages opened higher on Tuesday and remained well in the green throughout the trading day.

The Dow jumped 263.71 points or 0.69 percent to finish at 38,503.69, while the NASDAQ spiked 245.33 points or 1.59 percent to end at 15,696.64 and the S&P 500 rallied 59.95 points or 1.20 percent to close at 5,070.55.

Quarterly earnings guided the markets, with Globe Life, GE Aerospace, Kimberly-Clark and General Motors advancing on strong results.

In economic news, the Commerce Department reported that new home sales jumped more than expected in March, although building permits slumped.

Traders await more economic data this week, including the release of first-quarter U.S. GDP data as well as the core personal-consumption expenditures (PCE) price index, which is the Fed's preferred measure of inflation.

Oil prices moved higher on Tuesday after data showed a slowdown in U.S. manufacturing activity in April, raising hopes the Federal Reserve will start cutting interest rates soon. West Texas Intermediate crude oil futures for June rose $1.46 or 1.78 percent at $83.36 a barrel.