South Korea Bourse May Extend Tuesday's Gains

(RTTNews) - The South Korea stock market has finished higher in two of three trading days since the end of the four-day slide in which it had tumbled more than 110 percent or 5 percent. Bouncing off a four-month closing low, the KOSPI sits just above the 2,080-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is positive on bargain hunting, rising crude oil prices and optimism that the United States and China will reach a trade agreement. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The KOSPI shook off heavy early damage to finish slightly higher on Tuesday as losses from the financials were offset by support from the technology stocks.

For the day, the index gained 2.83 points or 0.14 percent to finish at 2,081.84 after trading between 2,056.74 and 2,093.41. Volume was 689 million shares worth 5.78 trillion won. There were 489 gainers and 325 decliners.

Among the actives, Shinhan Financial skidded 1.11 percent, while KB Financial eased 0.11 percent, Hana Financial tumbled 1.39 percent, SK hynix jumped 1.50 percent, LG Electronics spiked 1.56 percent, LG Display added 0.57 percent, Hyundai Motor shed 0.78 percent, POSCO perked 0.42 percent, KEPCO dropped 1.10 percent and Kia Motors, SK Telecom and Samsung Electronics were unchanged.

The lead from Wall Street is firm as stocks opened higher on Tuesday and remained in the green throughout the session, offsetting the losses from the previous day.

The Dow added 207.06 points or 0.82 percent to end at 25,532.05, while the NASDAQ jumped 87.47 points or 1.14 percent to 7,734.49 and the S&P 500 rose 22.54 points or 0.80 percent to 2,834.41.

Bargain hunting has contributed to the rebound on Wall Street, with traders picking up stocks at reduced levels following Monday's sell-off.

The markets are also benefiting from optimism the U.S. and China will eventually reach a trade deal despite the retaliatory tariffs announced by China.

President Donald Trump has continued to express confidence the Chinese will yield to U.S. demands, repeatedly arguing that the U.S. is in a stronger position than China in the negotiations.

Crude oil prices moved higher on Tuesday amid supply concerns and slightly easing worries about energy demand after the U.S. and China struck a conciliatory tone on trade talks. West Texas Intermediate Crude oil futures for June ended up $0.74 or 1.2 percent at $61.78 a barrel.
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