(RTTNews) – The South Korean stock market has moved higher in consecutive sessions, gaining more than 30 points or 1.2 percent along the way. The KOSPI is now just above the 2,525-point plateau and could tick higher again on Tuesday.
The global forecast for Asian markets indicates slightly upward optimism about the interest rate outlook. European markets were mixed and US markets rose, with Asian markets expected to follow suit.
The KOSPI ended modestly higher on Monday as gains from technology and auto stocks were capped by weakness in chemicals and a mixed picture for energy companies.
The index gained 7.51 points or 0.30 percent on the day to end at 2,525.36, after trading between 2,512.45 and 2,528.89. The volume amounted to 424 million shares worth 7.97 trillion won. There were 479 gainers and 375 decliners.
Among active companies, Shinhan Financial fell 0.14 percent, while KB Financial fell 0.39 percent, Hana Financial collected 0.36 percent, Samsung Electronics added 0.55 percent, Samsung SDI fell 0.89 percent, LG Electronics gained 0.42 percent, SK Hynix improved 1.10 percent and LG Chem lost 0.63 percent, Lotte Chemical lost 0.38 percent, S-Oil gained 0.45 percent, SK Innovation fell 0.59 percent, POSCO fell 0.95 percent, SK Telecom gained 0.20 percent, KEPCO rose 0.21 percent, Hyundai Mobis improved 0.22 percent, Hyundai Motor rose 0.16 percent Kia Motors accelerated 0.81 percent and Naver was unchanged.
Wall Street’s lead is modestly positive as the major averages opened mixed on Monday, but all moved higher to end with slight gains.
The Dow Jones rose 157.06 points or 0.43 percent to end at 36,404.93, while the NASDAQ added 28.51 points or 0.20 percent to close at 14,432.49 and the S&P 500 rose 18.07 points or rose 0.39 percent to end at 4,622.44.
Overall trading activity was somewhat subdued ahead of the Federal Reserve’s monetary policy announcement on Wednesday, although stocks continued to benefit from optimism about the outlook for interest rates.
Optimism that the Fed could pivot to a rate cut as soon as March 2024 has contributed to recent strength on Wall Street, although stronger-than-expected jobs data last Friday has led to speculation that the Fed could wait until May to cut rates interest.
Crude oil futures edged higher on Monday on continued uncertainty over the outlook for energy demand. West Texas Intermediate crude futures ended with a small gain of $0.09, or 0.13 percent, at $71.32 per barrel.
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