South Korea Bourse May Reclaim 2,500-Point Level

RTTNews | 571 days ago
South Korea Bourse May Reclaim 2,500-Point Level

(RTTNews) - The South Korea stock market bounced higher again on Monday, one session after ending the three-day winning streak in which it had jumped more than 80 points or 3.3 percent. The KOSPI now sits just above the 2,490-point plateau and it may see additional support on Tuesday.

The global forecast for the Asian markets is upbeat on continued optimism over the outlook for interest rates. The European markets were mixed and little changed and the U.S. bourses were solidly higher and the Asian markets are tipped to follow the latter lead.

The KOSPI finished modestly higher on Monday following gains from the technology stocks and chemical companies, while the financials were mixed and the automobile producers were soft.

For the day, the index advanced 21.35 points or 0.86 percent to finish at 2,491.20 after trading between 2,464.04 and 2,499.75. Volume was 319.84 million shares worth 6.5 trillion won. There were 648 gainers and 229 decliners.

Among the actives, Shinhan Financial collected 0.55 percent, while KB Financial retreated 1.28 percent, Samsung Electronics was up 0.28 percent, Samsung SDI surged 3.72 percent, LG Electronics advanced 0.85 percent, SK Hynix climbed 1.15 percent, Naver rose 0.25 percent, LG Chem spiked 1.96 percent, Lotte Chemical strengthened 1.23 percent, S-Oil rallied 2.21 percent, SK Innovation soared 3.31 percent, POSCO jumped 1.83 percent, SK Telecom perked 0.19 percent, KEPCO eased 0.11 percent, Hyundai Mobis tumbled 1.74 percent, Hyundai Motor shed 0.43 percent, Kia Motors dropped 0.94 percent and Hana Financial was unchanged.

The lead from Wall Street is solid as the major averages opened modestly higher on Monday but accelerated throughout the day, ending near session highs.

The Dow jumped 203.76 points or 0.58 percent to finish at 35,151.04, while the NASDAQ rallied 159.05 points or 1.13 percent to close at 14,284.53 and the S&P 500 gained 33.36 points or 0.74 percent to end at 4,547.38.

The strength on Wall Street reflected recent upward momentum, which comes amid ongoing optimism about the outlook for interest rates. Recent data showing signs of easing inflation has reinforced investor expectations that the Federal Reserve will leave rates unchanged at upcoming meetings.

Stocks saw further upside in afternoon trading as treasury yields pulled back following the release of the results of the Treasury Department's auction of $16 billion worth of 20-year bonds.

In economic news, the Conference Board released a report showing its reading on leading U.S. economic indicators fell by more than expected in October.

Crude oil prices rose sharply on Monday amid expectations that OPEC will further extend its voluntary output cuts next week, while the dollar's weakness also contributed to the jump in oil prices. West Texas Intermediate Crude oil futures for January ended higher by $1.79 or 2.4 percent at $77.83 a barrel.

read more
Canadian Dollar Higher Amid Rising Oil Prices

Canadian Dollar Higher Amid Rising Oil Prices

The Canadian dollar advanced against its most major counterparts in the New York session on Friday amid a spike in oil prices after Israel launched fresh wave of attacks on Iran.
RTTNews | 1h 7min ago
Swiss Stock Market Heads South On Friday

Swiss Stock Market Heads South On Friday

The Swiss stock market turned lower again on Friday, one day after snapping the two-day slide in which it had given up more than 50 points or 0.4 percent.
RTTNews | 3h 6min ago
U.S. Consumer Sentiment Improves Much More Than Expected In June

U.S. Consumer Sentiment Improves Much More Than Expected In June

Preliminary data released by the University of Michigan on Friday showed a substantial improvement by consumer sentiment in the U.S. in the month of June. The University of Michigan said its consumer sentiment index surged to 60.5 in June after holding at 52.2 in May. Economists had expected the index to rise to 53.5.
RTTNews | 6h 34min ago
CPSC Recalls: 1.2 Mln Anker Power Banks, Hedge Trimmers, High Chairs, Mattresses, Pool Covers

CPSC Recalls: 1.2 Mln Anker Power Banks, Hedge Trimmers, High Chairs, Mattresses, Pool Covers

The U.S. Consumer Product safety Commission or CPSC has announced various recalls including around 1.2 million Anker Power Banks, as well as hedge trimmers, high chairs, mattresses, pool covers and Skywalker Pro Via Ferrata Sets. China- based Anker Innovations Limited has called back about 1.16 million units of power banks citing fire and burn risks, and TTI Outdoor Power Equipment recalled...
RTTNews | 6h 56min ago
FTSE 100 Falls Amidst Israel-Iran Conflict

FTSE 100 Falls Amidst Israel-Iran Conflict

Renewed geopolitical tensions from the Israel-Iran conflict weighed on sentiment for the FTSE 100 benchmark as it shed more than a quarter percent in Friday's trade.
RTTNews | 8h 47min ago
Eurozone Trade Surplus Declines To 3-Month Low

Eurozone Trade Surplus Declines To 3-Month Low

Eurozone trade surplus declined to a three month low in April as demand from the US softened following tariff hikes, official data revealed on Friday. The trade surplus declined to EUR 9.9 billion in April from EUR 37.3 billion in March, Eurostat reported. This was the lowest surplus since January. In the same period last year, the surplus totalled EUR 13.6 billion.
RTTNews | 9h 2min ago
Geopolitical Tensions Drag Down CAC 40

Geopolitical Tensions Drag Down CAC 40

An escalation in geopolitical tensions in the Middle East triggered by the Israel-Iran conflict weighed on market sentiment dragging down the CAC 40. Concerns about the trade dispute between the U.S. also weighed on sentiment.
RTTNews | 9h 43min ago