Tech Shares Figure To Boost South Korea Shares

(RTTNews) - The South Korea stock market on Monday halted the six-day losing streak in which it had tumbled almost 100 points or 4 percent. The KOSPI now rests just beneath the 2,510-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets is cautiously optimistic after heavy selling in the previous week. The European and U.S. markets finished mostly higher and the Asian bourses are expected to follow suit.

The KOSPI finished slightly higher on Monday following gains from the energy companies and mixed performances from the financial and tech shares.

For the day, the index rose 4.30 points or 0.17 percent to finish at 2,508.80. Volume was 393.37 million shares worth 8.39 trillion won. There were 456 gainers and 434 decliners.

Among the actives, Shinhan Financial collected 0.86 percent, while KB Financial and Kia Motors both fell 0.38 percent, Hana Financial rallied 1.33 percent, Samsung Electronics rose 0.45 percent, Samsung SDI skidded 1.17 percent, LG Electronics gained 0.31 percent, SK Hynix lost 0.68 percent, Naver advanced 0.94 percent, LG Chem eased 0.18 percent, Lotte Chemical jumped 1.62 percent, S-Oil added 0.68 percent, SK Innovation climbed 1.09 percent, POSCO perked 0.36 percent, KEPCO sank 0.72 percent and Hyundai Mobis, Hyundai Motor and SK Telecom were unchanged.

The lead from Wall Street is mostly positive as the major averages opened mixed on Monday, slumped midday but recovered late, although the Dow still finished in the red.

The Dow shed 36.97 points or 0.11 percent to finish at 34,463.69, while the NASDAQ jumped 206.81 points or 1.56 percent to end at 13,497.59 and the S&P 500 gained 30.06 points or 0.69 percent to close at 4,399.77.

The spike by the NASDAQ came as traders picked up tech stocks at reduced levels following recent weakness, with the index bouncing off its lowest closing level in two months.

Cybersecurity company Palo Alto Networks (PANW) helped to fuel the tech rally after reporting standout gains, while Johnson & Johnson (JNJ) weighed on the Dow.

Traders continued to look ahead to the economic summit in Jackson Hole, Wyoming, where major central bankers are congregating later in the week to deliberate on monetary policy.

Crude oil prices fell on Monday, weighed down by concerns about the outlook for energy demand, although the extension of production cuts by OPEC helped limit the downside. West Texas Intermediate Crude oil futures for September fell $0.53 or 0.7 percent at $80.72 a barrel. WTI Crude futures for October settled at $80.12 a barrel, down $0.54 or 0.7 percent.