South Korea Shares May Extend Monday's Gains

(RTTNews) - The South Korea stock market bounced higher again on Monday, one session after ending the two-day winning streak in which it had advanced more than 25 points or 1 percent. The KOSPI now sits just above the 2,740-point plateau and it may tick higher again on Tuesday. The global forecast for the Asian markets is cautiously optimistic, with strength likely from the technology shares. The European markets were up and the U.S. bourses were mixed and the Asian markets are tipped to open to the upside. The KOSPI finished modestly higher on Monday following gains from the financial shares and industrials, while the technology stocks were mixed. For the day, the index added 17.52 points or 0.64 percent to finish at 2,742.14 after trading between 2,734.64 and 2,756.41. Volume was 572.2 million shares worth 12.1 trillion won. There were 474 decliners and 402 gainers. Among the actives, Shinhan Financial soared 2.73 percent, while KB Financial collected 1.87 percent, Hana Financial rallied 1.90 percent, Samsung Electronics jumped 1.94 percent, Samsung SDI retreated 1.62 percent, LG Electronics sank 0.41 percent, SK Hynix perked 0.11 percent, Naver slumped 1.76 percent, LG Chem tumbled 1.63 percent, Lotte Chemical strengthened 2.10 percent, S-Oil surged 2.91 percent, SK Innovation added 0.37 percent, POSCO improved 0.75 percent, SK Telecom rose 0.39 percent, KEPCO climbed 1.01 percent, Hyundai Mobis was up 0.22 percent, Hyundai Motor accelerated 2.66 percent and Kia Motors spiked 1.95 percent.

The lead from Wall Street is inconsistent as the major averages opened mixed on Monday and closed in the same fashion.

The Dow stumbled 196.82 points or 0.49 percent to finish at 39,806.77, while the NASDAQ jumped 108.91 points or 0.65 percent to close at a record high 16,794.88 and the S&P 500 rose 4.86 points or 0.09 percent to end at 5,308.13.

The advance by the NASDAQ reflected strength in the tech sector, with semiconductor stocks leading the way as the Philadelphia Semiconductor Index jumped by 2.2 percent to a two-month closing high.

Gold stocks also saw notable strength on the day, as the price of the precious metal reached a new record high, while banking stocks and telecom stocks moved to the downside.

The Dow was hit by profit taking after the index closed above 40,000 points for the first time on Friday.

Oil prices settled lower on Monday, weighed down by concerns the Federal Reserve will likely keep interest rates higher for a longer time. West Texas Intermediate Crude oil futures dropped to around $79.80, down $0.26 from the previous close.