KOSPI May Run Out Of Steam On Tuesday

(RTTNews) - The South Korea stock market has tracked higher in three straight sessions, collecting almost 80 points or 2.6 percent along the way. The KOSPI now sits just shy of the 3,210-point plateau although it's due for consolidation on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

The KOSPI finished sharply higher on Monday following gains from the financial shares, technology stocks and chemical companies. For the day, the index jumped 41.13 points or 1.30 percent to finish at 3,209.86. Volume was 217.3 million shares worth 7.91 trillion won. There were 598 gainers and 271 decliners. Among the actives, KB Financial jumped 1.75 percent, while Hana Financial collected 0.36 percent, Samsung Electronics and LG Electronics both perked 0.14 percent, Samsung SDI rallied 2.55 percent, SK Hynix surged 3.39 percent, Naver strengthened 1.58 percent, LG Chem improved 0.77 percent, Lotte Chemical soared 4.15 percent, SK Innovation expanded 1.54 percent, POSCO Holdings accelerated 2.00 percent, SK Telecom shed 0.54 percent, KEPCO slumped 1.16 percent, Hyundai Mobis dipped 0.17 percent, Hyundai Motor climbed 2.08 percent, Kia Motors eased 0.10 percent and Shinhan Financial was unchanged.

The lead from Wall Street is weak as the major averages opened lower on Monday and spent most of the day under water, finishing near daily lows.

The Dow stumbled 349.27 points or 0.77 percent to finish at 45,282.47, while the NASDAQ sank 47.24 points or 0.22 percent to close at 21,449.29 and the S&P 500 lost 27.59 points or 0.43 percent to end at 6,439.32.

Profit taking contributed to the initial weakness on Wall Street, as some traders looked to cash in on the strong gains posted last Friday, which lifted the Dow to a new record closing high.

The rally seen during last Friday's session came as remarks from Federal Reserve Chair Jerome Powell seemed to indicate the central bank is likely to lower interest rates next month.

On the U.S. economic front, the Commerce Department released a repot this morning showing new home sales in the U.S. decreased from an upwardly revised level in July.

Crude oil jumped on Monday, on concerns that Western sanctions on Russian oil exports may continue longer than anticipated. West Texas Intermediate crude for October delivery was up $1.20 or 1.89 percent at $64.86 per barrel.