South Korea Bourse May Extend Winning Streak

(RTTNews) - The South Korea stock market has climbed higher in three straight sessions, advancing nearly 40 points or 2 percent along the way. The KOSPI now rests just beneath the 2,070-point plateau and it's expected to add to its winnings on Wednesday.

The global forecast for the Asian markets is broadly positive on solid earnings news. The European and U.S. markets were firmly higher and the Asian bourses are tipped to open in similar fashion.

The KOSPI finished barely higher on Tuesday following mixed performances from the financial shares, technology stocks and industrial issues.

For the day, the index added 0.77 points or 0.04 percent to finish at 2,068.17 after trading between 2,064.34 and 2,073.21. Volume was 457 million shares worth 4.07 trillion won.

Among the actives, Shinhan Financial rose 0.12 percent, while KB Financial fell 0.23 percent, Hana Financial collected 0.57 percent, Samsung Electronics added 0.20 percent, LG Electronics climbed 0.87 percent, LG Display lost 0.35 percent, Samsung SDI plunged 2.87 percent, SK Hynix gained 0.87 percent, Naver tumbled 2.88 percent, POSCO skidded 1.09 percent, SK Telecom gathered 0.63 percent, KEPCO advanced 0.98 percent, Kia Motors fell 0.61 percent and Hyundai Motors was unchanged.

The lead from Wall Street is firm as stocks moved sharply higher on Tuesday, extending gains from last week.

The Dow added 237.44 points or 0.89 percent to 27,024.80, while the NASDAQ spiked 100.06 points or 1.24 percent to 8,148.71 and the S&P 500 rose 29.53 points or 1.00 percent to 2,995.68.

The rally on Wall Street comes as the spotlight shifted to corporate earnings news, with upbeat results from some big-name companies generating considerable buying interest. Corporate news has recently taken a backseat to developments on the trade front but is likely to attract attention as earnings season ramps up in the coming days.

JPMorgan Chase (JPM), UnitedHealth (UNH), Citigroup (C) and Johnson & Johnson (JNJ) were among the companies that beat the street.

Also, semiconductor stocks showed a substantial move to the upside over the course of the session, driving the Philadelphia Semiconductor Index up by 2.2 percent to a new record closing high.

Crude oil prices declined on Tuesday, extending losses from the previous session amid concerns about the outlook for energy demand. West Texas Intermediate crude oil futures for November were down $0.78 or 1.5 percent at $52.81 a barrel.
See also:
Leave a comment
  • Latest
  • Read
  • Commented
Calendar Content
«    Август 2020    »