Winning streak could continue for South Korean stock market

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(RTTNews) – The South Korean stock market has risen over consecutive trading days, jumping nearly 80 points or 2.6% along the way. KOSPI is now just below the 3,140 point plateau and is expected to rise again on Wednesday.

Global forecasts for Asian markets are stable to slightly higher, again supported by oil and tech stocks. European markets were mixed and the US stock market was slightly higher and Asian markets seemed to be dividing the difference.

KOSPI ended sharply higher on Tuesday with financial technology gains. Oil and industrial companies.

For the day, the index jumped 48.09 points or 1.56% to end at 3,138.3 after trading between 3,115.23 and 3,142.58. The volume was 578 million shares valued at 14.7 trillion won. There were 845 winners and 58 losers.

Among assets, Shinhan Financial rose 3.20%, while KB Financial collected 2.74%, Hana Financial jumped 3.87%, Samsung Electronics rose 3.14%, LG Electronics rose 1.07%, SK Hynix jumped 1.94%, Naver rose 1.86%, LG Chem slipped 1.38%, Lotte Chemical gained 2.75%, S-Oil climbed 1.51 percent, SK Innovation added 0.33 percent, POSCO strengthened 3.39 percent, SK Telecom grew 1.02 percent, KEPCO gained 0.84 percent, Hyundai Motor accelerated 2.27 percent and Kia Motors gained 1.50 percent. .

The Wall Street lead is cautiously bullish as the major averages opened sharply higher on Tuesday, but faded as the day wore on, ultimately ending with small gains.

The Dow Jones added 30.55 points or 0.09% to end at 35,366.26, while the NASDAQ climbed 77.15 points or 0.52% to close at 15,019.80 and the S&P 500 a increased 6.70 points or 0.15% to close at 4,486.23.

The higher opening on Wall Street came from hope that FDA approval of the Pfizer / BioNTech COVID-19 vaccine could increase vaccination rates in the United States and spur economic growth.

On the economic news side, the Commerce Department reported a rebound in US new home sales in July.

Investors are also eagerly awaiting a much-anticipated speech by Fed Chairman Jerome Powell at the Jackson Hole Virtual Symposium on Friday for clarity on the Fed’s reduction schedule.

Crude oil prices rose for a second straight session on Tuesday, as concerns over energy demand dampened signs of declining coronavirus infections in China, India and some other countries. West Texas Intermediate crude oil futures for October ended $ 1.90 or 3% at $ 67.54 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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