KOSPI May Crack Resistance At 2,500 Points

(RTTNews) - The South Korea stock market has moved higher two straight sessions, accelerating almost 90 points or 3.6 percent along the way. The KOSPI now sits just beneath the 2,490-point plateau and it may add to its winnings again on Tuesday.

The global forecast for the Asian markets is positive, with technology stocks expected to lead the markets higher. The European and U.S. markets were mostly higher and the Asian bourses are expected to follow suit.

The KOSPI finished sharply higher on Monday following gains from the financial shares, technology stocks and chemical companies.

For the day, the index rallied 46.72 points or 1.91 percent to finish at 2,488.64 after trading between 2,446.82 and 2,489.10. Volume was 296.92 million shares worth 8.05 trillion won. There were 628 gainers and 257 decliners.

Among the actives, Shinhan Financial collected 1.56 percent, while KB Financial accelerated 2.03 percent, Hana Financial improved 1.40 percent, Samsung Electronics surged 2.76 percent, Samsung SDI advanced 0.81 percent, SK Hynix skyrocketed 9.84 percent, Naver spiked 3.99 percent, LG Chem strengthened 1.18 percent, Lotte Chemical rose 0.33 percent, POSCO Holdings climbed 1.16 percent, SK Telecom tumbled 1.94 percent, KEPCO dipped 0.10 percent, Hyundai Mobis sank 0.81 percent, Hyundai Motor sank 0.70 percent, Kia Motors slid 0.20 percent and LG Electronics and SK Innovation were unchanged.

The lead from Wall Street is mostly upbeat as the major averages opened higher on Monday and largely remained that way, although the Dow dipped into the red by the day's end.

The Dow shed 25.57 points or 0.06 percent to finish at 42,706.56, while the NASDAQ rallied 243.30 points or 1.24 percent to close at 19,864.98 and the S&P 500 added 32.91 points or 0.55 percent to end at 5,975.38.

The early rally on Wall Street reflected continued strength among tech stocks after contract electronics giant Foxconn reported record fourth quarter revenue amid strong AI server demand.

Early buying interest was also generated in reaction to reports suggesting President-elect Donald Trump may scale back his tariff plans.

Crude oil prices were unable to hold early gains on Monday, snapping a five-day winning streak - although the downside was capped after top oil exporter Saudi Arabia raised prices for Asian buyers for the first time in three months. West Texas Intermediate Crude for February delivery fell $0.46 or 0.5 percent to $73.50 a barrel.