South Korea Stock Market Poised To Reverse Tuesday's Losses

(RTTNews) - The South Korea stock market on Tuesday wrote a finish to the two-day winning streak in which it had accelerated more than 50 points or 2.2 percent. The KOSPI now rests just above the 2,370-point plateau, although it figures to bounce higher again on Wednesday.

The global forecast for the Asian markets is upbeat on bargain hunting and optimism ahead of earnings season. The European and U.S. markets were sharply higher and the Asian bourses are tipped to open in similar fashion.

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

For the day, the index fell 4.28 points or 0.18 percent to finish at 2,370.97 after trading between 2,359.59 and 2,372.74. Volume was 332 million shares worth 6.3 trillion won. There were 573 gainers and 271 decliners.

Among the actives, Shinhan Financial eased 0.14 percent, while KB Financial collected 0.33 percent, Hana Financial rose 0.14 percent, Samsung Electronics retreated 1.62 percent, Samsung SDI dipped 0.18 percent, LG Electronics added 0.43 percent, SK Hynix dropped 0.99 percent, Naver stumbled 1.22 percent, LG Chem improved 1.17 percent, Lotte Chemical dropped 0.88 percent, S-Oil climbed 0.98 percent, SK Innovation rallied 2.31 percent, POSCO strengthened 1.55 percent, SK Telecom declined 1.28 percent, KEPCO advanced 0.92 percent, Hyundai Motor accelerated 1.62 percent, Hyundai Mobis spiked 2.33 percent and Kia Motors soared 2.50 percent.

The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and only accelerated as the day progressed.

The Dow surged 754.44 points or 2.43 percent to finish at 31,827.05, while the NASDAQ spiked 353.10 points or 3.11 percent to close at 11,713.15 and the S&P 500 jumped 105.84 points or 2.76 percent to end at 3,936.69.

The rebound on Wall Street came as optimism about upcoming earnings news fueled a heavy wave of buying.

In earnings news, toymaker Hasbro (HAS) and oil services giant Halliburton (HAL) beat the street, while IBM Corp. (IBM) and Johnson & Johnson (JNJ) provided disappointing guidance.

In economic news, the Commerce Department unexpectedly reported a continued decline in housing starts in June.

Crude oil futures ended sharply higher Tuesday amid signs of tighter supplies in the global oil market, while the dollar's continued weakness also contributed to the sharp rise in oil prices. West Texas Intermediate Crude oil futures for August ended higher by $1.62 or 1.6 percent at $104.22 a barrel.