Additional Support Anticipated For South Korea Shares

(RTTNews) - The South Korea stock market has moved higher in four straight sessions, collecting more than 55 points or 2.1 percent along the way. The KOSPI now sits just beneath the 2,570-point plateau and it may add to its winnings again on Wednesday.

The global forecast for the Asian markets is positive on continued optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KOSPI finished barely higher on Tuesday following gains from the energy companies, weakness from the financials and mixed performances from the technology and industrial sectors.

For the day, the index picked up 1.69 points or 0.07 percent to finish at 2,568.55 after trading between 2,556.52 and 2,570.06. Volume was 364.2 million shares worth 8.06 trillion won. There were 523 decliners and 361 gainers.

Among the actives, Shinhan Financial shed 0.65 percent, while KB Financial dropped 0.95 percent, Hana Financial slid 0.35 percent, Samsung Electronics gained 0.69 percent, Samsung SDI and Naver both fell 0.22 percent, LG Electronics soared 2.29 percent, SK Hynix retreated 1.29 percent, LG Chem improved 0.80 percent, Lotte Chemical tumbled 2.13 percent, S-Oil jumped 1.76 percent, SK Innovation advanced 0.95 percent, POSCO rallied 1.33 percent, SK Telecom eased 0.20 percent, KEPCO plunged 2.56 percent, Hyundai Mobis lost 0.22 percent, Hyundai Motor perked 0.10 percent and Kia Motors was down 0.11 percent.

The lead from Wall Street is upbeat as the major averages opened higher on Tuesday and remained in the green throughout the session.

The Dow jumped 251.90 points or 0.68 percent to finish at 37,557.92, while the NASDAQ advanced 98.03 points or 0.66 percent to close at 15,003.22 and the S&P 500 added 27.81 points or 0.59 percent to end at 4,768.37.

Optimism about the outlook for interest rates continued to contribute to strength on Wall Street following the Federal Reserve's monetary policy announcement last week.

Adding to the positive sentiment, San Francisco Federal Reserve President Mary Daly said interest rate cuts are likely to be appropriate next year because of an improvement in inflation.

In economic news, the Commerce Department reported a substantial increase in new residential construction in the U.S. in November. Also, building permits slumped more than expected.

Oil prices rose on Tuesday, extending gains on supply concerns after several companies rerouting their vessels due to the attacks by Houthi militants in the Red Sea. West Texas Intermediate Crude oil futures for January rose $0.97 or 1.3 percent at $73.44 a barrel.