South Korea Stock Market Tipped To Open Under Pressure

(RTTNews) - The South Korea stock market has ticked higher in back-to-back sessions, gathering just 7 points or 0.3 percent in that span. The KOSPI now rests just shy of the 2,460-point plateau, although the rally is expected to tall on Wednesday.

The global forecast for the Asian markets suggests consolidation on geopolitical concerns and fears over the outlook for interest rates. The European and U.S. markets were solidly lower and the Asian bourses are tipped to follow suit.

The KOSPI finished slightly higher on Tuesday following gains from the oil and chemical companies, while the technology stocks were mixed.

For the day, the index rose 3.84 points or 0.16 percent to finish at 2,458.96. Volume was 486.86 million shares worth 7.21 trillion won. There were 549 gainers and 323 decliners.

Among the actives, Shinhan Financial collected 0.64 percent, while KB Financial dipped 0.20 percent, Hana Financial climbed 1.09 percent, Samsung Electronics dropped 0.96 percent, LG Electronics increased 0.62 percent, SK Hynix retreated 1.41 percent, Naver slumped 1.60 percent, LG Chem soared 3.00 percent, Lotte Chemical skyrocketed 7.38 percent, S-Oil added 0.72 percent, SK Innovation rallied 2.14 percent, SK Telecom improved 0.78 percent, KEPCO dropped 0.86 percent, Hyundai Mobis gained 0.70 percent, Kia Motors rose 0.39 percent and Hyundai Motor, POSCO and Samsung SDI were unchanged.

The lead from Wall Street is broadly negative as the major averages opened lower on Tuesday and saw the losses accelerate as the day progressed, ending near session lows.

The Dow plummeted 697.10 points or 2.06 percent to finish at 33,129.59, while the NASDAQ plunged 294.97 points or 2.50 percent to close at 11,492.30 and the S&P 500 tumbled 81.75 points or 2.00 percent to end at 3,997.34.

The sell-off on Wall Street reflected ongoing concerns about the outlook for interest rates amid a spike in treasury yields. The benchmark 10-year yield more than offset the dip seen last Friday, reaching its highest closing level in three months.

Recent economic data has also led to worries the Federal Reserve may raise rates higher than expected and keep them elevated for an extended period. Later today, the Fed will release minutes of its latest monetary policy meeting, which could shed some light on the outlook for interest rates.

Geopolitical concerns also weighed after Russian President Vladimir Putin said he is suspending Russia's participation in a nuclear arms treaty with the U.S. The announcement by Putin comes after U.S. President Joe Biden made a surprise visit to Ukraine's capital Kyiv on Monday.

Crude oil prices were volatile on Tuesday as traders weighed the impact of higher U.S. interest rates against optimism about increased demand from China. West Texas Intermediate for March delivery dipped $0.16 or 0.2 percent to $76.16 a barrel, while crude for April delivery eased $0.19 or 0.3 percent to $76.29 a barrel.