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Expect renewed selling pressure for South Korean stocks كوريا

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(RTTNews) — The South Korean stock market bounced higher again on Tuesday, one session following ending its two-day winning streak in which it amassed nearly 40 points, or 1.2 percent. The Kospi is now just overhead the plateau of 3,232 points although it may head south again on Wednesday.

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The global outlook for Asian markets is negative due to coronavirus fears and interest rate expectations. European and American markets fell and Asian bourses are expected to succeed suit.

The Kospi closed slightly higher on Tuesday following gains from the financial sector, oil companies and auto producers – while technology stocks were weak and chemical companies mixed.

The index rose for the day 7.58 points, or 0.24 percent, to close at 3232.53, following trading between 3230.75 and 3,252.85. The volume was 978 million shares, worth 12.1 trillion won. The number of gainers was 534 and 287 shares.

Among the active companies, Shinhan Financial rose 1.19%, KB Financial gained 0.58%, Hana Financial advanced 0.80%, Samsung Electronics shed 0.38%, SK Hynix fell 0.85%, LG Chem rose 2.20%, and Lotte Chemical sank 0.92%, and S-Oil. It jumped 1.76 percent, SK Innovation rose 0.39 percent, POSCO 2.97 percent, SK Telecom fell 1.30 percent, KIPCO lost 0.60 percent, Hyundai Motor Company 0.22 percent, Kia Motors 0.58 percent, Navir and IL G Electronics and Hyundai Mobis unchanged.

The leadership from Wall Street is weak as the major averages opened lower on Monday and remained in the red throughout the session.

The Dow Jones Index lost 85.79 points, or 0.24 percent, to close at 35,058.51, while the Nasdaq Index fell 180.14 points, or 1.21 percent, to close at 14,660.58, and the Standard & Poor’s 500 Index fell 20.84 points, or 0.47 percent, to close at 4401.46.

The decline on Wall Street reflected the uncertainty ahead of the Federal Reserve’s monetary policy announcement later today. Traders are likely to focus on the Federal Reserve’s statement for any evidence that the central bank is considering scaling back its asset purchase program.

Negative sentiment may also have arisen in response to news that the CDC has recommended that people vaccinated against the coronavirus resume wearing masks indoors in areas where the disease is most widespread, particularly in the South and West.

In economic news, the Commerce Department said unused orders for durable goods manufactured in the United States experienced continued growth in June. The Conference Board also said that US consumer confidence improved slightly from the upwardly revised level in July.

The price of Crude Oil drifted lower on Tuesday following moving around the flat line for most of today’s session, as traders weigh demand expectations and look ahead to weekly inventory data. West Texas Intermediate crude futures for September were down $0.26, or 0.4 percent, at $71.65 a barrel.

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


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