KOSPI Poised To End Losing Streak

(RTTNews) - The South Korea stock market has finished lower in five straight sessions, plunging almost 150 points or 5.5 percent along the way. The KOSPI now rests just above the 2,535-point plateau although it may finally stop the bleeding on Tuesday. The global forecast for the Asian markets is positive on anticipated bargain hunting and on the outlook for interest rates. The European and U.S. markets were solidly higher and the Asian bourses are tipped to open in similar fashion. The KOSPI finished slightly lower on Monday following losses from the financial shares and mixed performances from the technology and industrial sectors. For the day, the index shed 8.35 points or 0.33 percent to finish at 2,535.93 after trading between 2,491.30 and 2,543.22. Volume was 262.46 million shares worth 7.3 trillion won. There were 502 gainers and 371 decliners. Among the actives, Shinhan Financial tumbled 1.75 percent, while KB Financial slumped 1.20 percent, Hana Financial tanked 2.70 percent, Samsung Electronics rallied 2.58 percent, Samsung SDI rose 0.29 percent, LG Electronics plunged 2.02 percent, SK Hynix added 0.38 percent, Naver stumbled 1.40 percent, LG Chem lost 0.64 percent, S-Oil and KEPCO both sank 0.68 percent, SK Innovation improved 0.84 percent, POSCO perked 0.15 percent, SK Telecom surrendered 2.25 percent, Hyundai Mobis dropped 0.70 percent, Hyundai Motor advanced 0.88 percent, Kia Motors gained 0.80 percent and Lotte Chemical was unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Monday and remained well in the green throughout the trading day.

The Dow surged 484.18 points or 1.20 percent to finish at 40,829.59, while the NASDAQ rallied 193.77 points or 1.16 percent to close at 16,884.60 and the S&P 500 climbed 62.63 points or 1.16 percent to end at 5,471.05.

The rally on Wall Street came as traders looked to pick up stocks at reduced levels following the steep drop seen last week, which dragged the NASDAQ down to its lowest levels in nearly a month.

Optimism the Federal Reserve will lower interest rates later this month has also contributed to the strength on Wall Street, despite lingering concerns about the outlook for the U.S. economy.

CME Group's FedWatch Tool is currently indicating a 73 percent chance the Fed will lower rates by 25 basis points and a 29 percent chance of a 50 basis point rate cut.

Oil prices climbed higher Monday on the possibility of weather-related production issues in the the Gulf of Mexico, and on OPEC's decision to delay a production boost originally scheduled to begin in October. West Texas Intermediate Crude oil futures for October ended up by $1.04 or 1.54 percent at $68.71 a barrel.