Win Streak May Continue For South Korea Shares

(RTTNews) - The South Korea stock market has climbed higher in two straight sessions, collecting more than 30 points or 1.2 percent along the way. The KOSPI now sits just above the 2,550-point plateau and it may add to its winnings again on Wednesday.

The global forecast for the Asian markets is upbeat thanks to an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The KOSPI finished modestly higher on Tuesday as gains from the technology and financial shares were capped by weakness from the energy companies and steel producers.

For the day, the index added 8.75 points or 0.34 percent to finish at 2,552.16. Volume was 434.48 million shares worth 8.15 trillion won. There were 622 gainers and 248 decliners.

Among the actives, Shinhan Financial perked 0.14 percent, while KB Financial collected 0.57 percent, Hana Financial advanced 0.90 percent, Samsung SDI lost 0.50 percent, SK Hynix spiked 2.33 percent, Naver rallied 2.11 percent, LG Chem shed 0.53 percent, Lotte Chemical strengthened 1.36 percent, S-Oil dropped 0.93 percent, SK Innovation sank 0.73 percent, POSCO retreated 1.69 percent, SK Telecom added 0.53 percent, KEPCO rose 0.17 percent, Hyundai Mobis gained 0.88 percent, Hyundai Motor accelerated 0.70 percent, Kia Motors soared 2.43 percent and LG Electronics and Samsung Electronics were unchanged.

The lead from Wall Street is broadly positive as the major averages opened slightly higher on Tuesday but accelerated as the day progressed, ending near session highs.

The Dow jumped 292.69 points or 0.85 percent to finish at 34,852.67, while the NASDAQ surged 238.63 points or 1.74 percent to end at 13,943.76 and the S&P 500 rallied 64.32 points or 1.45 percent to close at 4.497.63.

The strength on Wall Street came as the latest batch of U.S. economic data helped ease recent concerns about the outlook for interest rates.

Consumer confidence in the U.S. deteriorated more than anticipated in August, according to a report released by the Conference Board. Also, the Labor Department said job openings in the U.S. decreased to 8.8 million on the last business day of July.

Oil prices climbed higher on Tuesday with traders weighing the likely impact of the Hurricane Idalia on energy operations in the Gulf of Mexico, while a weak dollar also contributed to the uptick. West Texas Intermediate Crude oil futures for October climbed $1.06 or 1.3 percent at $81.16 a barrel.