KOSPI Tipped To Extend Its Gains On Tuesday

(RTTNews) - The South Korea stock market has tracked higher in two straight sessions, advancing more than 50 points or 2 percent along the way. The KOSPI now sits just above the 2,530-point plateau and it's expected to open in the green again on Tuesday.

The global forecast for the Asian markets is upbeat on optimism over the global outlook, although weak oil prices limited the upside. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

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

For the day, the index jumped 33.10 points or 1.32 percent to finish at 2,534.34 after trading between 2,517.98 and 2,541.76. Volume was 535.26 million shares worth 12.54 trillion won. There were 612 gainers and 279 decliners.

Among the actives, Shinhan Financial collected 1.26 percent, while KB Financial shed 0.41 percent, Hana Financial gained 0.64 percent, Samsung Electronics rallied 3.39 percent, Samsung SDI soared 3.16 percent, LG Electronics advanced 0.96 percent, SK Hynix perked 0.17 percent, Naver strengthened 1.68 percent, LG Chem spiked 2.85 percent, Lotte Chemical jumped 1.96 percent, SK Innovation improved 0.78 percent, POSCO lost 0.66 percent, SK Telecom sank 0.70 percent, Hyundai Mobis stumbled 2.95 percent, Hyundai Motor accelerated 0.92 percent, Kia Motors dropped 0.61 percent and KEPCO was unchanged.

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

The Dow rallied 440.0.6 points or 0.99 percent to finish at 44,736.57, while the NASDAQ added 51.19 points or 0.48 percent to close at 20,220.36 and the S&P 500 rose 18.03 points or 0.30 percent to end at 5,987.37.

Stocks added to the strong gains posted last week amid a positive reaction to news President-elect Donald Trump intends to nominate billionaire hedge fund manager Scott Bessent as Treasury Secretary.

Bessent is seen as supportive of the equity markets and an advocate for deficit reduction. He has also called for Trump's planned tariff increases to be implemented gradually, which could reduce the impact on inflation.

However, buying interest waned as the day progressed, as traders seemed reluctant to make more significant moves ahead of the release of several key economic reports in the coming days.

Oil prices fell sharply on Monday, weighed down by reports that Israel and Hezbollah are likely to reach a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January ended down $2.30 or 3.2 percent at $68.94 a barrel.