South Korea Stock Market Due For Support On Tuesday

(RTTNews) - The South Korea stock market has moved lower in back-to-back sessions, slumping more than 50 points or 2 percent along the way. The KOSPI now sits just above the 2,450-point plateau although it may find traction on Tuesday. The global forecast for the Asian markets suggests mild upside, supported by strength from the technology stocks. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference. The KOSPI finished slightly lower on Monday as losses from the technology and chemical companies were offset by support from the financial shares and a mixed performance from the automobile companies. For the day, the index dipped 1.43 points or 0.06 percent to finish at 2,454.48 after trading between 2,448.45 and 2,483.29. Volume was 323.35 million shares worth 7.47 trillion won. There were 675 decliners and 216 gainers. Among the actives, Shinhan Financial rallied 1.70 percent, while KB Financial collected 0.21 percent, Hana Financial spiked 2.08 percent, Samsung Electronics skidded 1.11 percent, Samsung SDI jumped 1.77 percent, LG Electronics retreated 1.67 percent, SK Hynix shed 0.69 percent, Naver declined 1.45 percent, LG Chem lost 0.53 percent, Lotte Chemical plunged 3.26 percent, SK Innovation fell 0.40 percent, POSCO sank 0.71 percent, SK Telecom dropped 0.81 percent, KEPCO improved 0.84 percent, Hyundai Mobis soared 2.51 percent, Hyundai Motor slumped 1.14 percent and Kia Motors accelerated 1.40 percent.

The lead from Wall Street is cautiously optimistic as the major averages opened mixed and finished the same way.

The Dow slumped 128.65 points or 0.29 percent to finish at 4,4782.00, while the NASDAQ rallied 185.78 points or 0.97 percent to close at a record 19,403.95 and the S&P 500 added 14.77 points or 0.24 percent to end at 6,047.15.

Investors were cautious ahead of a slew of crucial economic data later this week, including reports on private sector and non-farm payroll employment, service sector activity and a reading on consumer sentiment.

In U.S. economic news, the Commerce Department said construction spending increased more than expected in October. Also, the Institute for Supply Management said its reading on U.S. manufacturing increased by more than expected in November but continued to indicate a contraction.

Crude oil prices climbed higher on Monday on possible supply disruptions due to rising tensions on the geopolitical front although the upside was marginal as investors look to Thursday's OPEC meeting. West Texas Intermediate Crude oil futures for January ended up by $0.10 or 0.15 percent at $68.10 a barrel.