KOSPI Overdue For Consolidation

(RTTNews) - The South Korea stock market has moved higher in eight straight sessions, accelerating more than 470 points or 10.6 percent in that span. Now at a fresh record closing high, the KOSPI sits just above the 4,690-point plateau and investors figure to lock in gains on Wednesday.

The global forecast for the Asian markets is soft thanks to geopolitical concerns. The European and U.S. markets were down, likely consigning Asian markets at records highs to profit taking.

The KOSPI finished sharply higher again on Tuesday following gains from the financial shares, automobile companies and chemicals, while the technology companies were mixed.

For the day, the index rallied 67.85 points or 1.47 percent to finish at 4,692.64 after trading between 4,641.58 and 4,693.07. Volume was 423.3 million shares worth 25 trillion won. There were 447 gainers and 430 decliners.

Among the actives, Shinhan Financial rose 0.26 percent, while KB Financial spiked 2.39 percent, Hana Financial collected 0.32 percent, Samsung Electronics dropped 0.86 percent, Samsung SDI soared 7.91 percent, LG Electronics vaulted 3.18 percent, SK Hynix tumbled 1.47 percent, Naver accelerated 3.52 percent, LG Chem rallied 7.54 percent, Lotte Chemical strengthened 2.76 percent, SK Innovation jumped 2.93 percent, POSCO Holdings exploded for 13.89 percent, SK Telecom gained 2.45 percent, KEPCO climbed 9.22 percent, Hyundai Mobis surged 14.47 percent, Hyundai Motor skyrocketed 10.63 percent and Kia Motors advanced 5.18 percent.

The lead from Wall Street is negative as the major averages opened mixed on Tuesday but quickly headed south and spent most of the balance of the day in the red, finishing off session lows.

The Dow dropped 398.21 points or 0.80 percent to finish at 49,191.99, while the NASDAQ sank 24.03 points or 0.10 percent to close at 23,709.87 and the S&P 500 dipped 13.53 points or 0.19 percent to end at 6,963.74.

The choppy trading by the broader markets reflected uncertainty about the near-term outlook amid rising geopolitical tensions around the world and a flurry of proposals by President Donald Trump.

In U.S. economic news, the Labor Department released a report showing consumer prices in the U.S. increased in line with economist estimates in the month of December.

Crude oil prices skyrocketed on Tuesday, extending a recent surge amid increasing geopolitical risks due to escalating tensions between the U.S. and Iran, which have raised output-and-supply concerns. West Texas Intermediate crude for February delivery was up $1.55 or 2.61 percent at $61.05 per barrel.