South Korea Stock Market May See Profit Taking

(RTTNews) - The South Korea stock market has finished higher in three straight sessions, accelerating more than 300 points or 4.2 percent along the way. The KOSPI now sits just above the 7,015-point plateau although investors may lock in gains on Wednesday.

The global forecast for the Asin markets is murky, with profit taking likely offset by sinking oil prices. The European and U.S. markets were mixed and little changed and the Asian markets are expected to follow that lead.

The KOSPI finished slightly higher on Tuesday as gains from the technology and telecom stocks were offset by weakness from the automobile producers and construction companies.

For the day, the index added 10.19 points or 0.15 percent to finish at 7,017.91 after peaking at 7,171.44. Volume was 251.65 million shares worth 22.2 trillion won. There were 462 decliners and 382 gainers.

The lead from Wall Street offers little clarity as the major averages opened mixed on Tuesday, faded midday but recover to end on oppositive sides of the line and largely unchanged.

The Dow sank 185.14 points or 0.36 percent to finish at 51,863.69, while the NASDAQ gained 122.18 points or 0.45 percent to close at a fresh record high of 27,244.28 and the S&P 500 eased 0.06 points or 0.00 percent to end at 7,764.64.

The early choppiness came as investors digested comments from U.S. President Donald Trump, who told the United Nations General Assembly that a deal with Iran may be possible after the midterm elections but said that he may instead just decide to "annihilate the Islamic Republic." He also spoke of setting up a "large military presence" on Greenland.

Stocks slumped in reaction but recovered later in the day as energy prices continued to fall, easing inflation concerns and the possibility of another interest rate hike from the Federal Reserve.

Crude oil prices fell on Tuesday, losing for a fifth straight session amid hopes that diplomatic efforts may end the conflict between U.S. and Iran. West Texas Intermediate crude for November delivery was down $5.20 or 5 percent to $90.50 per barrel.