Rebound Anticipated For South Korea Stock Market

(RTTNews) - Ahead of Monday's holiday for National Day, the South Korea stock market had alternated between positive and negative finishes through the last four trading days since the end of the four-day losing streak in which it had tumbled almost 150 points or 6.3 percent. Now at a two-year closing low, the KOSPI sits just above the 2,155-point plateau due for support on Tuesday.

The global forecast for the Asian markets is upbeat, supported by bargain hunting, rising oil prices and falling treasury yields. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KOSPI finished modestly lower on Friday following losses from the financial shares, chemical companies and industrials, while the technology stocks offered support.

For the day, the index slumped 15.44 points or 0.71 percent to finish at 2,155.49 after trading between 2,134.77 and 2,177.20. Volume was 933 million shares worth 7.8 trillion won. There were 561 decliners and 321 gainers.

Among the actives, Shinhan Financial surrendered 2.33 percent, while KB Financial skidded 1.24 percent, Hana Financial retreated 2.88 percent, Samsung Electronics advanced 0.95 percent, LG Electronics gained 0.77 percent, SK Hynix spiked 2.85 percent, Naver weakened 1.53 percent, LG Chem tumbled 2.01 percent, Lotte Chemical slumped 1.37 percent, S-Oil rose 0.37 percent, SK Innovation declined 1.71 percent, POSCO plummeted 3.87 percent, SK Telecom jumped 1.60 percent, KEPCO rallied 2.03 percent, Hyundai Mobis lost 3.29 percent, Hyundai Motor tanked 2.75 percent and Kia Motors plunged 3.49 percent.

The lead from Wall Street is broadly positive as the major averages opened higher on Monday and accelerated as the session progressed, ending near daily highs.

The Dow surged 765.38 points or 2.66 percent to finish at 29,490.89, while the NASDAQ soared 239.82 points or 2.27 percent to end at 10,815.43 and the S&P 500 jumped 92.81 points or 2.59 percent to close at 3,678.43.

The rally on Wall Street was largely due to hectic bargain hunting after recent sharp losses. Data showing that U.S. manufacturing activity slowed to its weakest pace in 30 months also helped ease concerns about aggressive monetary tightening by the Federal Reserve.

Also boosting stocks, the U.S. 10-year Treasury yield fell after British Prime Minister Liz Truss was forced to reverse course on a tax cut for the highest rate.

Crude oil prices rose sharply on Monday amid speculation that OPEC will discuss cutting crude output at their upcoming meeting on Wednesday. West Texas Intermediate Crude oil futures for November ended higher by $4.14 or 5.2 percent at $83.63 a barrel.

Closer to home, South Korea will see September results for the manufacturing PMI from S&P Global later today; in August, the index score was 47.6.