KOSPI Expected To Halt Losing Streak

(RTTNews) - The South Korea stock market has moved lower in back-to-back sessions, slumping almost 160 points or 4 percent along the way. The KOSPI now sits just beneath the 3,850-point plateau although it may stop the bleeding on Tuesday. The global forecast for the Asian markets is mixed to higher, with support expected from the technology and oil sectors. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead. The KOSPI finished slightly lower on Monday following losses from the financial shares, chemical companies and automobile producers, while the technology stocks were mixed. For the day, the index dipped 7.20 points or 0.19 percent to finish at 3,846.06 after trading between 3,838.20 and 3,917.16. Volume was 363.4 million shares worth 20.3 trillion won. There were 576 decliners and 306 gainers. Among the actives, Shinhan Financial dropped 0.91 percent, while KB Financial eased 0.17 percent, Hana Financial retreated 1.65 percent, Samsung Electronics rallied 2.00 percent, Samsung SDI tanked 2.60 percent, LG Electronics tumbled 2.63 percent, SK Hynix dipped 0.19 percent, Naver shed 0.57 percent, LG Chem surrendered 2.32 percent, Lotte Chemical plunged 4.49 percent, SK Innovation contracted 1.94 percent, POSCO Holdings stumbled 2.58 percent, SK Telecom rallied 1.31 percent, KEPCO perked 0.10 percent, Hyundai Mobis clumped 0.84 percent, Hyundai Motor sank 0.77 percent and Kia Motors plummeted 2.54 percent.

The lead from Wall Street is strong as the major averages opened mixed on Monday but quickly turned higher and accelerated throughout the day, ending near session highs.

The Dow advanced 202.86 points or 0.44 percent to finish at 26,448.27, while the NASDAQ surged 598.92 points or 2.69 percent to end at 22,872.01 and the S&P 500 climbed 102.13 points r 1.55 percent to close at 6,705.12.

The rally on Wall Street came as traders continued to pick up stocks at relatively reduced levels after concerns about valuations and the outlook for interest rates weighed on the markets for much of last week.

Positive sentiment may also have been generated amid signs of progress toward an agreement to end the protracted war between Russia and Ukraine.

Semiconductor stocks led the way higher, with the Philadelphia Semiconductor Index soaring by 4.4 percent. Computer hardware and networking stocks are also seeing substantial strength, contributing to the surge by the tech-heavy NASDAQ.

Crude oil prices surged on Monday, supported by a positive economic outlook and more demand growth. West Texas Intermediate crude for January delivery was up $0.73 or 1.26 percent at $58.79 per barrel.