South Korea Shares Due For Consolidation

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(RTTNews) - The South Korea stock market has moved higher in three straight sessions, collecting almost 75 points or 2.9 percent in that span. The KOSPI market now rests just beneath the 2,650-point plateau although it figures to run out of steam on Wednesday.

The global forecast for the Asian markets is broadly negative on rising pessimism over the outlook for interest rates. The European and U.S. markets finished sharply lower and the Asian markets figure to also open under pressure.

The KOSPI finished sharply higher upon its return from the Lunar New Year break, thanks to gains from the technology stocks and automobile producers, while the financials were mixed.

For the day, the index climbed 29.32 points or 1.12 percent to finish at 2,649.64 after trading between 2,640.96 and 2,656.87. Volume was 550.46 million shares worth 12.93 trillion won. There were 597 gainers and 285 decliners.

Among the actives, Shinhan Financial collected 0.79 percent, while KB Financial spiked 3.11 percent, Hana Financial tumbled 1.94 percent, Samsung Electronics and LG Electronics both improved 1.22 percent, Samsung SDI jumped 1.56 percent, SK Hynix skyrocketed 5.04 percent, Naver shed 0.49 percent, LG Chem perked 0.11 percent, Lotte Chemical eased 0.07 percent, S-Oil soared 3.03 percent, SK Innovation strengthened 1.57 percent, POSCO plunged 3.31 percent, SK Telecom rallied 2.17 percent, KEPCO surged 4.41 percent, Hyundai Mobis climbed 1.30 percent, Hyundai Motor lost 0.40 percent and Kia Motors accelerated 3.53 percent.

The lead from Wall Street suggests consolidation as the major averages opened sharply lower and stayed that way throughout the session.

The Dow plunged 524.63 points or 1.35 percent to finish at 38,272.75, while the NASDAQ tumbled 286.95 points or 1.80 percent to close at 15,655.60 and the S&P 500 sank 68.67 points or 1.37 percent to end at 4,953.17.

The sell-off on Wall Street followed the release of a highly anticipated Labor Department report showing consumer prices in the U.S. increased by slightly more than expected in January.

With Federal Reserve officials repeatedly saying they need more confidence that inflation is slowing before lowering interest rates, the data has further reduced optimism about a near-term rate cut.

Treasuries yields surged in response to the data, with the yield on the benchmark ten-year note reaching its highest level in two months.

Oil prices climbed higher Tuesday amid concerns about supply due to the ongoing tensions in the Middle East. West Texas Intermediate Crude oil futures for March rose $0.95 or 1.25 percent at $77.87 a barrel, up for a seventh straight session.

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U.S. Durable Goods Orders Slump 2.8% In July, Much Less Than Expected

Reflecting a continued plunge by orders for transportation equipment, the Commerce Department released a report on Tuesday showing a steep drop by new orders for U.S. manufactured durable goods in the month of July. The Commerce Department said durable goods orders slumped by 2.8 percent in July after plummeting by a revised 9.4 percent in June.

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