KOSPI Overdue For Profit Taking On Wednesday

(RTTNews) - The South Korea stock market has tracked higher in five straight sessions, accelerating more than 260 points or 7 percent in that span. Now at another fresh record closing high, the KOSPI rests just beneath the 3,825-point plateau although investors figure to lock in gains on Wednesday.

The global forecast for the Asian markets is murky, with optimism over earnings likely offset by profit taking. The European markets were slightly higher and the U.S. bourses were mixed and flat and the Asian markets figure to follow the latter lead.

The KOSPI finished slightly higher on Tuesday following gains from the automobile producers, weakness from the financials and chemicals and a mixed picture from the technology companies.

For the day, the index rose 9.15 points or 0.24 percent to close at 3,823.84 after trading between 3,816.19 and 3,893.06. Volume was 522.5 million shares worth 19.3 trillion won. There were 497 decliners and 367 gainers.

Among the actives, Shinhan Financial lost 0.67 percent, while KB Financial declined 1.44 percent, Hana Financial eased 0.11 percent, Samsung Electronics shed 0.61 percent, Samsung SDI slipped 0.58 percent, LG Electronics added 0.79 percent, SK Hynix retreated 1.34 percent, Naver slumped 1.36 percent, LG Chem fell 0.43 percent, Lotte Chemical slid 0.56 percent, SK Innovation surged 4.61 percent, POSCO Holdings perked 0.17 percent, SK Telecom was down 0.37 percent, KEPCO soared 3.91 percent, Hyundai Motor accelerated 3.43 percent, Kia Motors improved 1.14 percent and Hyundai Mobis was unchanged.

The lead from Wall Street offers little clarity as the major averages opened flat on Tuesday and hugged the line for most of the day, finally finishing on opposite sides and little changed.

The Dow gained 218.16 points or 0.47 percent to finish at a record 46,924.74, while the NASDAQ slipped 36.88 points or 0.16 percent to end at 22,953.67 and the S&P 500 perked 0.22 points or 0.00 percent to close at 6,735.35.

The advanced by the Dow reflected a positive reaction to solid earnings news from companies like 3M (MMM), Coca-Cola (KO), Salesforce (CRM), Amazon (AMZN) and Sherwin-Williams (SHW).

Traders may have been reluctant to continue buying stocks amid lingering concerns about U.S.-China trade tensions and the ongoing government shutdown.

A lack of major U.S. economic data due in part to the shutdown may also have kept some traders on the sidelines ahead of the release of closely watched consumer price inflation data on Friday.

Crude oil prices advanced on Tuesday as easing U.S.-China trade friction overrode a stronger greenback and excess supply concerns. West Texas Intermediate crude for November delivery was up $0.38 or 0.66 percent at $57.90 per barrel.