Renewed Support Predicted For South Korea Shares

(RTTNews) - The South Korea stock market on Tuesday wrote a finish to the two-day winning streak in which it had gathered almost 45 points or 2.2 percent. The KOSPI now rests just above the 2,025-point plateau although it figures to rebound on Wednesday.

The global forecast for the Asian markets is positive on trade optimism and surging crude oil prices. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The KOSPI finished modestly lower on Tuesday following weakness from the industrials and mixed performances from the financial shares and technology stocks.

For the day, the index sank 11.83 points or 0.58 percent to finish at 2,025.27 after trading between 2,023.59 and 2,042.70. Volume was 390.7 million shares, worth 4.72 trillion won. There were 451 decliners and 370 gainers.

Among the actives, Shinhan Financial lost 0.65 percent, while KB Financial collected 0.11 percent, Woori Bank spiked 1.72 percent, Hana Financial slid 0.29 percent, Samsung Electronics skidded 1.68 percent, LG Electronics plunged 3.58 percent, SK Hynix added 0.85 percent, Hyundai Motor shed 0.83 percent, Kia Motors dropped 1.17 percent, POSCO eased 0.20 percent, SK Telecom dipped 0.18 percent, SK Innovation jumped 1.72 percent and KEPCO soared 3.96 percent.

The lead from Wall Street is upbeat as stocks opened higher on Tuesday; they gave back some of those gains as the day progressed but still ended firmly in the green.

The Dow added 256.10 points or 1.09 percent to 23,787.45, while the NASDAQ gained 73.53 points or 1.08 percent to 6,897.00 and the S&P rose 24.72 points or 0.97 percent to 2,574.41.

Optimism about trade talks between the U.S. and China contributed to the early rally on Wall Street amid a second day of meetings between U.S. and Chinese officials.

A quiet day on the U.S. economic front also kept some traders on the sidelines amid the ongoing government shutdown.

Crude oil prices moved up sharply on Tuesday, extending gains to a seventh successive session on optimism about U.S.-China trade discussions and reports of output cuts by oil producers. Crude oil futures for February were up $1.26 or 2.6 percent at $49.78 a barrel.
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