Tech stocks set to boost South Korean stock market

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(RTTNews) – The South Korean stock market ended a three-day winning streak on Monday in which it had jumped nearly 100 points, or 3.1%. KOSPI now sits just above the 3,005 point plateau, although it is expected to rebound higher again on Tuesday.

Global forecasts for Asian markets are mixed to higher, with concerns about the economic recovery tempered by support from crude oil prices. European markets were down and US stock markets were mostly higher and Asian markets are expected to follow this latest trend.

KOSPI ended slightly lower on Monday following the mixed performance of oil, chemical and technology stocks, while financials provided support.

For the day, the index lost 8.38 points or 0.28% to end at 3,006.68 after trading between 2,990.44 and 3,021.17. The volume was 912 million shares worth 10.5 trillion won. There were 429 declining and 413 winners. Among assets, Shinhan Financial rose 1.16%, KB Financial rose 2.38%, Hana Financial collected 1.37%, Samsung Electronics rose 0.14%, SK Hynix slipped by 1, 32%, Naver rose 0.76%, Samsung SDI fell 0.98%, LG Chem slipped 1.08%. , Lotte Chemical rose 0.62%, S-Oil jumped 1.41%, SK Innovation fell 1.25%, POSCO lost 2.44%, Daewoo Shipbuilding added 0.84%, Korea Shipbuilding fell 0.21%, SK Telecom fell 2.15%, KEPCO improved 0.88%, Hyundai Motor accelerated 0.48 percent, Kia Motors rose 0.12 percent and LG Electronics remained unchanged.

Wall Street’s lead is mixed as the major averages opened lower on Monday; the NASDAQ and S&P 500 quickly rebounded higher and stayed that way, while the Dow remained in the red and ended slightly lower.

The Dow Jones lost 36.15 points or 0.10% to close at 35,258.61, while the NASDAQ jumped 124.47 points or 0.84% ​​to close at 15,021.81 and the S&P rose 15.09 points or 0.34% to finish at 4,486.46.

Wall Street’s initial weakness reflected profit taking following recent market strength. Concerns about the global economic outlook also weighed on markets after data showed the Chinese economy hit its slowest growth rate in a year in the third quarter.

A rise in Treasury yields also contributed to the initial decline, although selling pressure eased as yields fell sharply from their highs.

Strong economic data sparked some interest among buyers after the National Association of Home Builders reported a noticeable improvement in US homebuilder confidence in October. Retail and software stocks also saw strong strength that day, while biotech, airline and gold stocks moved lower.

Crude oil futures stabilized higher on Monday, extending recent gains as global energy demand continues to rise following the easing of travel restrictions by several countries. West Texas Intermediate crude oil futures for November ended $ 0.16 or 0.2% at $ 82.44 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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