South Korea Shares Tipped To Open To The Upside On Wednesday

(RTTNews) - The South Korea stock market on Tuesday ended the brutal two-day slide in which it had tumbled more than 330 points or 11.9 percent. The KOSPI now sits just above the 2,520-point plateau and it's looking at a positive lead for Wednesday's trade.

The global forecast for the Asian markets is cautiously optimistic after recent volatility, with bargain hunting expected. The European markets were mixed and the U.S. bourses were higher and the Asian markets figure to split the difference.

The KOSPI finished sharply higher with broadly based gains on Tuesday as it tried to recover from the record 8.77 percent loss in the previous session.

For the day, the index rallied 80.60 points or 3.30 percent to finish at 2,522.15. Volume was 530.9 million shares worth 15.2 trillion won. There were 851 gainers and 73 decliners. Among the actives, Shinhan Financial collected 0.76 percent, while KB Financial improved 3.52 percent, Hana Financial jumped 1.04 percent, Samsung Electronics strengthened 1.54 percent, Samsung SDI increased 4.77 percent, LG Electronics was up 0.22 percent, SK Hynix spiked 4.87 percent, Naver gathered 1.47 percent, LG Chem rallied 6.24 percent, Lotte Chemical gained 3.25 percent, S-Oil perked 0.15 percent, SK Innovation skyrocketed 7.54 percent, POSCO soared 5.09 percent, SK Telecom dipped 0.19 percent, KEPCO advanced 3.26 percent, Hyundai Mobis added 4.41 percent, Hyundai Motor accelerated 4.91 percent and Kia Motors surged 6.65 percent.

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

The Dow jumped 294.39 points or 0.76 percent to finish at 38,997.66, while the NASDAQ rallied 166.77 points or 1.03 percent to end at 16,366.85 and the S&P 500 gained 53.70 points or 1.04 percent to close at 5,240.03.

The support on Wall Street came as investors picked up stocks at reduced levels following Monday's data-induced heavy selling.

Investors also reacted positively to the latest batch of corporate earnings news from the likes of Uber, CSX, Nvidia, Texas Instruments, Microsoft and JP Morgan Chase, among others.

Economic data was also better as the Commerce Department said the U.S. trade deficit narrowed in June. Also, the Atlanta Fed raised its third quarter growth projection for the U.S. economy, citing latest economic data.

Oil futures settled modestly higher on Tuesday, snapping a four-session losing streak, as the shutdown of Libya's 270,000 barrel per day Sharara oil field offered mild support. West Texas Intermediate Crude oil futures for September ended up $0.26 or 0.36 percent at $73.20 a barrel.