South Korea Stock Market May Add To Its Winnings

(RTTNews) - The South Korea stock market has alternated between positive and negative finishes through the last seven trading days since the end of the three-day losing streak in which it had dropped more than 65 points or 2.8 percent. The KOSPI now rests just beneath the 2,390-point plateau and it's expected to open in the green again on Wednesday.

The global forecast for the Asian markets is upbeat on easing concerns over the health of the financial sector. The European and U.S. markets were firmly higher and the Asian markets are expected to open in similar fashion.

The KOSPI finished modestly higher on Tuesday following gains from the financials, weakness from the oil companies and mixed performances from the technology chemical and automobile stocks.

For the day, the index picked up 9.15 points or 0.38 percent to finish at 2,388.35. Volume was 345.82 million shares worth 7.14 trillion won. There were 456 decliners and 426 gainers.

Among the actives, Shinhan Financial collected 0.72 percent, while KB Financial was up 0.10 percent, Hana Financial jumped 1.82 percent, Samsung Electronics perked 0.17 percent, Samsung SDI rose 0.28 percent, LG Electronics slumped 0.53 percent, SK Hynix eased 0.12 percent, Naver lost 0.50 percent, LG Chem dropped 0.88 percent, Lotte Chemical climbed 1.27 percent, S-Oil shed 0.65 percent, SK Innovation skidded 1.07 percent, SK Telecom soared 2.41 percent, KEPCO plunged 2.62 percent, Hyundai Mobis improved 1.18 percent, Hyundai Motor added 0.40 percent, Kia Motors fell 0.38 percent and POSCO was unchanged.

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

The Dow surged 316.02 points or 0.98 percent to finish at 32,560.60, while the NASDAQ spiked 184.57 points or 1.58 percent to end at 11,860.11 and the S&P 500 climbed 51.30 points or 1.30 percent to end at 4,002.87.

The extended rally on Wall Street partly reflected easing concerns about turmoil in the financial sector following recent steps taken to rescue distressed banks in the U.S. and Europe.

Positive sentiment was also generated in reaction to remarks by Treasury Secretary Janet Yellen, who said the government is prepared to once again take action to protect bank depositors if smaller lenders are threatened.

Traders also looked ahead to the Federal Reserve's highly anticipated monetary policy announcement later today. While the recent banking turmoil led to some speculation the Fed may leave interest rates unchanged, CME Group's FedWatch Tool is currently indicating an 86.4 percent chance of a 25-basis point rate hike.

Crude oil prices climbed higher Tuesday, gaining for a second straight session amid improving risk sentiment thanks to the coordinated efforts by major central banks to rescue troubled U.S. and European lenders. West Texas Intermediate Crude oil futures for April ended higher by $1.69 or 2.5 percent at $69.33 a barrel.