Win Streak May End For South Korea Shares

(RTTNews) - The South Korea stock market has moved higher in five straight sessions, collecting almost 60 points or 1.9 percent along the way. The KOSPI now sits just above the 3,230-point plateau although it may run out of steam on Tuesday.

The global forecast for the Asian markets is flat to lower ahead of the FOMC rate decision scheduled for later today. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The KOSPI finished modestly higher on Tuesday following gains from the financial shares, weakness from the chemicals and mixed performances from the technology and industrial stocks.

For the day, the index gained 21.05 points or 0.66 percent to close at 3,230.57. Volume was 369.74 million shares worth 12.66 trillion won. There were 468 gainers and 409 decliners.

Among the actives, Shinhan Financial rallied 2.38 percent, while KB Financial collected 0.72 percent, Hana Financial jumped 2.02 percent, Samsung Electronics rose 0.28 percent, Samsung SDI tumbled 1.75 percent, LG Electronics shed 0.51 percent, SK Hynix perked 0.19 percent, Naver skidded 1.06 percent, LG Chem tanked 2.12 percent, Lotte Chemical retreated 1.51 percent, SK Innovation stumbled 1.76 percent, POSCO Holdings surrendered 2.01 percent, SK Telecom eased 0.18 percent, KEPCO climbed 1.83 percent, Hyundai Mobis slumped 1.00 percent, Hyundai Motor fell 0.23 percent and Kia Motors improved 0.19 percent.

The lead from Wall Street is soft as the major averages opened mixed on Tuesday but quickly turned lower, ending near session lows.

The Dow slumped 204.57 points or 0.46 percent to finish at 44,632.99, while the NASDAQ shed 80.29 points or 0.38 percent to close at 21,098.29 and the S&P 500 sank 18.91 points or 0.30 percent to end at 6,370.86.

The pullback on Wall Street may reflected profit taking following the upward trend seen over the past several sessions, which saw the NASDAQ and the S&P 500 reach new record highs.

Traders also seemed reluctant to make significant moves ahead of the Federal Reserve's monetary policy announcement later today. While the Fed is expected to leave interest rates unchanged, the announcement could impact the outlook for rates.

In economic news, the Conference Board released a report showing consumer confidence in the U.S. saw a modest improvement in July. Also, the Labor Department said job openings in the U.S. decreased by slightly less than expected in June.

Crude oil prices moved higher on Tuesday as the U.S. deadline for Russia to finalize an agreement with Ukraine or face sanctions draws nearer. West Texas Intermediate crude for September delivery was up $2.81 or 4.21 percent to $69.52 per barrel.