Win Streak Likely To End For South Korea Shares

(RTTNews) - The South Korea stock market has moved higher in six straight sessions, collecting more than 80 points or 3.2 percent along the way. The KOSPI now rests just above the 2,555-point plateau although it may be stuck in neutral on Tuesday.

The global forecast for the Asian markets is soft, thanks to the uncertainty surrounding the U.S. debt ceiling situation. The European and U.S. bourses were mostly lower and little changed and the Asian markets figure to follow that lead.

The KOSPI finished modestly higher on Monday following gains from the industrials, technology stocks and energy companies, while the financials and chemicals wee mixed.

For the day, the index gained 19.29 points or 0.76 percent to finish at 2,557.08 after trading between 2,533.50 and 2,564.09. Volume was 583.13 million shares worth 8.04 trillion won. There were 634 gainers and 235 decliners.

Among the actives, Shinhan Financial collected 0.28 percent, while KB Financial fell 0.30 percent, Hana Financial lost 0.48 percent, Samsung Electronics perked 0.15 percent, Samsung SDI gathered 0.29 percent, LG Electronics strengthened 0.35 percent, SK Hynix advanced 0.92 percent, Naver shed 0.69 percent, LG Chem rose 0.29 percent, Lotte Chemical slid 0.40 percent, S-Oil increased 0.40 percent, SK Innovation jumped 1.75 percent, POSCO improved 1.23 percent, SK Telecom sank 0.70 percent, KEPCO added 0.54 percent, Hyundai Mobis climbed 1.10 percent, Hyundai Motor accelerated 0.97 percent and Kia Motors was up 0.11 percent.

The lead from Wall Street is uninspired as the major averages opened slightly higher but quickly headed south. They staged a modest recovery as the day progressed, although the Dow never managed to escape from negative territory.

The Dow dropped 140.05 points or 0.42 percent to finish at 33,286.58, while the NASDAQ climbed 62.88 points or 0.50 percent to close at 12,720.78 and the S&P 500 rose 0.65 points or 002 percent to end at 4,192.63.

The weakness on Wall Street came as investors largely refrained from making significant moves as they awaited updates on debt ceiling negotiations between President Joe Biden and House Speaker Kevin McCarthy, R-Calif., which so far have not found a resolution.

Treasury Secretary Yellen said on Sunday that the likelihood of the Treasury paying all U.S. bills by June 15 is getting smaller each day.

Concerns over the outlook for interest rates also weighed as Federal Reserve Bank of St. Louis President James Bullard said that he backed two more increases.

Crude oil prices pared early losses and settled higher on Monday, amid hopes the U.S. lawmakers will reach a debt ceiling deal soon and help the nation avoid a default. West Texas Intermediate crude oil futures for June settled at $71.99 a barrel, up $0.44 or 0.6 percent on the expiration day.