Win Streak May Continue For South Korea Shares

(RTTNews) - The South Korea stock market has moved higher in five straight sessions, collecting more than 75 points or 2.4 percent along the way. The KOSPI now rests just beneath the 3,220-point plateau and it may tick higher again on Tuesday. The global forecast for the Asian markets is upbeat on optimism over the outlook for interest rates. The European and U.S. markets were modestly higher and the Asian bourses are expected to follow that lead. The KOSPI finished modestly higher on Monday following mixed performances from the financial shares, technology stocks, industrial issues and chemicals. For the day, the index added 14.47 points or 0.45 percent to finish at 3,219.59 after trading between 3,206.34 and 3,221.14. Volume was 366.37 worth 8.15 trillion won. There were 542 gainers and 324 decliners. Among the actives, Shinhan Financial fell 0.31 percent, while KB Financial tumbled 1.75 percent, Hana Financial collected 0.37 percent, Samsung Electronics improved 0.86 percent, Samsung SDI rallied 1.41 percent, LG Electronics lost 0.54 percent, SK Hynix strengthened 1.26 percent, Naver slipped 0.44 percent, Lotte Chemical sank 0.63 percent, SK Innovation added 0.38 percent, POSCO Holdings climbed 1.08 percent, SK Telecom slumped 1.28 percent, KEPCO spiked 2.31 percent, Hyundai Motor shed 0.68 percent, Kia Motors retreated 1.59 percent and LG Chem and Hyundai Mobis were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened mixed on Monday but all finished with modest gains.

The Dow climbed 114.09 points or 0.25 percent to finish at 45,514.95, while the NASDAQ advanced98.31 points or 0.45 percent to close at 21,798.70 and the S&P 500 rose 13.65 points or 0.21 percent to end at 6,495.15.

The strength on Wall Street reflected optimism about the outlook for interest rates following last Friday's weaker-than-expected U.S. employment data.

Following the release of a closely watched report showing employment increased by much less than expected in the month of August, CME Group's FedWatch Tool is currently indicating a 90.2 percent chance the Fed will lower rates by a quarter point later this month.

Overall trading activity was subdued, however, as traders looked ahead to the release of consumer and producer price inflation later this week, which could also impact the outlook for rates.

Crude oil moved higher Monday on the threat of sanctions hanging over Russia on its oil exports, although the upside was limited by OPEC's decision Sunday to increase output. West Texas Intermediate crude for October delivery was up $0.53 or 0.86 percent at $62.40 per barrel.