Win Streak May Continue For South Korea Shares

(RTTNews) - Ahead of Monday's holiday for Liberation Day, the South Korea stock market had moved higher in two straight sessions, gathering almost 50 points or 2 percent along the way. The KOSPI now rests just above the 2,525-point plateau and it's tipped to open in the green again on Tuesday. The global forecast for the Asian markets is cautiously optimistic, shaking off concerns over the health of the Chinese economy. The European and U.S. markets managed some mild upside and the Asian bourses figure to open in similar fashion. The KOSPI finished slightly higher on Friday as gains from the oil, chemical and automobile companies were offset by weakness from the financials and a mixed picture from the technology and industrial stocks. For the day, the index rose 4.16 points or 0.16 percent to finish at 2,527.94 after trading between 2,514.31 and 2,533.20. Volume was 437.8 million shares worth 7.89 trillion won. There were 565 gainers and 275 decliners. Among the actives, Shinhan Financial shed 0.55 percent, while Hana Financial retreated 1.37 percent, Samsung Electronics added 0.50 percent, Samsung SDI improved 0.65 percent, Naver sank 0.75 percent, LG Chem climbed 1.06 percent, Lotte Chemical gathered 0.54 percent, S-Oil soared 3.44 percent, SK Innovation was up 0.50 percent, POSCO advanced 0.97 percent, Daewoo Engineering & Construction surged 3.65 percent, Korea Shipbuilding lost 0.43 percent, SK Telecom declined 1.33 percent, KEPCO strengthened 1.38 percent, Hyundai Mobis gained 0.67 percent, Hyundai Motor jumped 1.55 percent, Kia Motors spiked 1.98 percent and KB Financial, LG Electronics and SK Hynix were unchanged.

The lead from Wall Street is positive as the major averages shook off early weakness on Monday, broke into the green midway into the session and finished near daily highs.

The Dow jumped 151.39 points or 0.45 percent to finish at 33,912.44, while the NASDAQ advanced 80.87 points or 0.62 percent to close at 13,128.05 and the S&P 500 rose 16.99 points or 0.40 percent to end at 4,297.14.

The lower open on Wall Street came on lingering concerns about the global economy following the release of weak Chinese data and a surprise interest rate cut by China's central bank.

In U.S. economic news, the New York Federal Reserve reported an unexpected contraction in regional manufacturing activity in August. Also, the National Association of Home Builders noted continued deterioration in U.S. homebuilder confidence in August.

Crude oil prices tumbled Monday on worries about energy demand after data showed slower than expected growth of the Chinese economy in July. The lowering of the oil demand forecast for 2022 by OPEC also weighed on prices. West Texas Intermediate Crude oil futures for September dropped $2.68 or 2.9 percent at $89.41 a barrel.