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South Korea Stock Market May Extend Tuesday's Gains

RTTNews | 62 days ago
South Korea Stock Market May Extend Tuesday's Gains

(RTTNews) - The South Korea stock market on Tuesday wrote a finish to the four-day losing streak in which it had tumbled almost 150 points or 6.3 percent to a two-year closing low. The KOSPI now sits just beneath the 2,225-point plateau and it may tick higher again on Wednesday.

The global forecast for the Asian markets is mixed to higher, with bargain hunting expected - especially among the oil and technology stocks. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.

The KOSPI finished barely higher on Tuesday following gains from the industrials, weakness from the financials and a mixed picture from the technology companies.

For the day, the index perked 2.92 points or 0.13 percent to finish at 2,223.86 after trading between 2,197.90 and 2,227.35. Volume was 478 million shares worth 7.8 trillion won. There were 481 decliners and 381 gainers.

Among the actives, Shinhan Financial tanked 2.40 percent, while KB Financial plummeted 4.20 percent, Hana Financial plunged 2.80 percent, Samsung Electronics added 0.56 percent, Samsung SDI retreated 1.68 percent, LG Electronics and SK Hynix both shed 0.61 percent, LG Chem fell 0.35 percent, Lotte Chemical dropped 0.93 percent, SK Innovation tumbled 4.73 percent, POSCO rallied 2.00 percent, SK Telecom surrendered 1.87 percent, KEPCO lost 0.49 percent, Hyundai Mobis eased 0.25 percent, Hyundai Motor accelerated 1.92 percent, Kia Motors soared 2.27 percent and S-Oil and Naver were unchanged.

The lead from Wall Street offers little clarity as the major averages shook off early strength, sinking as the day progressed with only the NASDAQ finishing in the green.

The Dow dropped 125.82 points or 0.43 percent to finish at 29,134.99, while the NASDAQ added 26.58 points or 0.25 percent to end at 10,829.50 and the S&P 500 slipped7.75 points or 0.21 percent to close at 3,647.29.

Bargain hunting contributed to the early rebound on Wall Street, as traders picked up stocks at reduced levels following recent weakness. Buying interest waned over the course of the morning, however, as concerns about higher interest rates and the outlook for the global economy continued to weigh on the markets.

The subsequent pullback by stocks came as treasury yields once again surged after an initial move to the downside, with the yield on the benchmark 10-year note reaching its highest levels in over 12 years.

In economic news, the Commerce Department noted a modest decrease in new orders for U.S. manufactured durable goods in August, as well as a rebound in new home sales last month. Also, the Conference Board saw a bigger than expected improvement in consumer confidence this month.

Crude oil prices climbed higher on Tuesday on reports producers have slowed down production in the U.S. Gulf of Mexico ahead of Hurricane Ian. West Texas Intermediate Crude oil futures for November ended higher by $1.79 or 2.3 percent at $78.50 a barrel.

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