South Korea Bourse Inherits Another Green Light

(RTTNews) – The South Korea stock market has climbed higher in four straight sessions, collecting almost 65 points or 2.5 percent along the way. With its record high in sight, the KOSPI now rests just above the 2,600-point plateau and it’s predicted to open higher again on Tuesday.

The global forecast for the Asian markets is upbeat on Covid-19 vaccine optimism. The European markets were slightly lower and the U.S. bourses were higher and the Asian markets figure to at least open in the green, although some profit taking may occur as the session progresses.

The KOSPI finished sharply higher on Monday following gains from the financials, technology stocks and industrials.

For the day, the index spiked 49.09 points or 1.92 percent to finish at 2,602.59 after trading between 2,553.70 and 2,605.58. Volume was 1.6 billion shares worth 15.5 trillion won. There were 536 gainers and 305 decliners.

Among the actives, Shinhan Financial climbed 1.34 percent, while KB Financial gathered 1.75 percent, Hana Financial collected 1.13 percent, Samsung Electronics soared 4.33 percent, LG Electronics was up 0.56 percent, Samsung SDI jumped 2.14 percent, SK Hynix and LG Chem both spiked 3.31 percent, Lotte Chemical rose 0.70 percent, S-Oil gathered 1.22 percent, POSCO perked 2.53 percent, SK Telecom added 0.87 percent, KEPCO gained 1.65 percent, Hyundai Motor accelerated 1.13 percent, Kia Motors rallied 2.07 percent and SK Innovation was unchanged.

The lead from Wall Street is positive as stocks opened higher on Monday and remained mostly in the green throughout the day, offsetting losses from the previous session.

The Dow soared 327.79 points or 1.12 percent to finish at 29,591.27, while the NASDAQ added 25.66 points or 0.22 percent to end at 11,880.63 and the S&P 500 rose 20.05 points or 0.56 percent to close at 3,577.59.

The strength on Wall followed additional upbeat news regarding a potential Covid-19 vaccine after AstraZeneca (AZN) said its vaccine candidate being developed in collaboration with Oxford University had an average efficacy of 70 percent.

Adding to the positive sentiment, the FDA has granted an emergency use authorization for Regeneron’s Covid-19 antibody treatment.

Crude oil prices moved higher on Monday on optimism that OPEC and other oil producers may extend the curb on crude production by another few months. West Texas Intermediate Crude oil futures for January ended up $0.64 or 1.5 percent at $43.06 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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