South Korea Stock Market May Spin Its Wheels On Wednesday

(RTTNews) - The South Korea stock market has moved higher in two straight sessions, collecting more than 10 points or 0.4 percent along the way. The KOSPI now rests just above the 2,515-point plateau although it may be stuck in neutral on Wednesday.

The global forecast for the Asian markets is soft on concerns over the outlook for the economy and for interest rates. The European markets were up and the U.S. markets were mostly lower and the Asian bourses figure to follow the latter lead.

The KOSPI finished slightly higher on Tuesday following gains from the industrials and mixed performances from the financial shares, technology stocks and chemical companies.

For the day, the index rose 6.94 points or 0.28 percent to finish at 2,515.74. Volume was 462.1 million shares worth 9.05 trillion won. There were 498 decliners and 373 gainers.

Among the actives, Shinhan Financial shed 0.43 percent, while KB Financial collected 0.77 percent, Hana Financial rose 0.13 percent, Samsung SDI rallied 1.36 percent, LG Electronics was up 0.10 percent, SK Hynix perked 0.09 percent, Naver soared 3.03 percent, LG Chem advanced 0.88 percent, Lotte Chemical retreated 1.51 percent, S-Oil dropped 0.82 percent, SK Innovation sank 0.57 percent, POSCO jumped 1.63 percent, SK Telecom eased 0.21 percent, KEPCO gained 0.79 percent, Hyundai Mobis added 0.22 percent, Hyundai Motor improved 0.97 percent, Kia Motors climbed 0.90 percent and Samsung Electronics was unchanged.

The lead from Wall Street is uninspired as the major averages opened mixed on Tuesday and quickly turned lower, although the NASDAQ managed to finish in the green.

The Dow dropped 174.86 points or 0.51 percent to finish at 34,288.83, while the NASDAQ rose 8.28 points or 0.06 percent to close at 13,505.87 and the S&P 500 slipped 12.22 points or 0.28 percent to end at 4,387.55.

The lackluster performance on Wall Street came as traders continued to look ahead to the economic symposium in Jackson Hole, Wyoming, later this week.

Early volatility in the bond market may also have contributed to the choppy trading, with the yield on the benchmark ten-year note showing wild swings back and forth across the unchanged line before eventually closing modestly lower.

In economic news, the National Association of Realtors said existing home sales in the U.S. slumped much more than expected in July.

Crude oil futures eased on Tuesday, extending losses from the previous session amid concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for September slipped $0.37 or 0.5 percent at $80.35 a barrel.