Technology Stocks Expected To Boost South Korea Shares
RTTNews · 06 Jul 2022 147 Views

The South Korea stock market on Tuesday halted the four-day losing streak in which it had tumbled more than 120 points or 4.8 percent. The KOSPI now rests just above the 2,340-point plateau and it may extend its gains on Wednesday.

The global forecast for the Asian markets is inconsistent, with gains from the technology stocks likely to be offset by weakness from the energy producers. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.

The KOSPI finished sharply higher on Tuesday following gains from the financials, technology stocks and oil and company companies.

For the day, the index spiked 41.44 points or 1.80 percent to finish at 2,341.78 after trading between 2,309.62 and 2,344.08. Volume was 315.7 million shares worth 6.74 trillion won. There were 802 gainers and 92 decliners.

Among the actives, Shinhan Financial collected 0.13 percent, while KB Financial advanced 0.75 percent, Hana Financial strengthened 1.56 percent, Samsung Electronics perked 0.18 percent, LG Electronics skyrocketed 5.88 percent, SK Hynix surged 3.82 percent, Naver spiked 3.40 percent, LG Chem rallied 2.40 percent, Lotte Chemical improved 1.38 percent, S-Oil added 0.49 percent, SK Innovation accelerated 1.69 percent, POSCO soared 3.70 percent, SK Telecom climbed 1.12 percent, KEPCO jumped 1.55 percent, Hyundai Motor fell 0.28 percent and Kia Motor eased 0.13 percent.

The lead from Wall Street is mixed to higher as the major averages opened with deep losses on Tuesday; they improved throughout the session, although the Dow remained stuck in the red.

The Dow shed 129.44 points or 0.42 percent to finish at 30,967.82, while the NASDAQ surged 194.39 points or 1.75 percent to end at 11,322.24 and the S&P 500 rose 6.06 points or 0.16 percent to end at 3,831.39.

Growth fears outweighed news that U.S. President Joe Biden may announce a rollback of some U.S. tariffs on Chinese imports.

Investors also looked ahead to the release of the minutes of the central bank's latest policy meeting and the non-farm payrolls data, due out later in the week.

In economic news, the Labor Department said factory orders increased more than expected in May.

Crude oil prices plunged sharply Tuesday on concerns about the outlook for energy demand following a surge in Covid cases in China, while fears about Fed tightening, a strong greenback and a possible global slowdown also weighed on oil prices. West Texas Intermediate Crude oil futures for August plummeted $8.93 or 8.2 percent at $99.50 a barrel.

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