KOSPI Due For Profit Taking On Wednesday

(RTTNews) - The South Korea stock market has finished higher in back-to-back sessions, advancing more than 40 points or 1.1 percent along the way. Now at another fresh record closing high, the KOSPI sits just above the 3,485-point plateau although investors are likely to lock in gains on Wednesday.

The global forecast for the Asian markets is murky on rising ambiguity over the outlook for interest rates. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The KOSPI finished modestly higher on Tuesday following gains from the technology stocks and automobile producers, while the financial shares were mixed.

For the day, the index added 17.54 points or 0.51 percent to finish at 3,486.19 after trading between 3,467.83 and 3,494.49. Volume was 350 million shares worth 11.9 trillion won. There were 598 decliners and 269 gainers.

Among the actives, Shinhan Financial collected 0.58 percent, while KB Financial slumped 1.28 percent, Hana Financial skidded 1.00 percent, Samsung Electronics strengthened 1.44 percent, Samsung SDI climbed 1.20 percent, LG Electronics fell 0.38 percent, SK Hynix accelerated 2.85 percent, Naver shed 0.43 percent, LG Chem improved 1.19 percent, Lotte Chemical tumbled 1.83 percent, SK Innovation lost 0.58 percent, POSCO Holdings sank 0.71 percent, SK Telecom eased 0.18 percent, KEPCO spiked 2.79 percent, Hyundai Mobis was down 0.16 percent, Hyundai Motor gained 0.46 percent and Kia Motors advanced 0.88 percent.

The lead from Wall Street is soft as the major averages opened mixed but trended steadily lower as the day progressed, ending near session lows.

The Dow dropped 88.76 points or 0.19 percent to finish at 46,292.78, while the NASDAQ shed 215.50 points or 0.95 percent to end at 22,573.47 and the S&P 500 sank 36.83 points or 0.55 percent to close at 6,656.92.

The weakness that emerged on Wall Street may partly have reflected concerns that stocks are overvalued following comments by Federal Reserve Chair Jerome Powell.

Speaking at an event Rhode Island, Powell described equity prices as "fairly highly valued" following the recent run to record highs.

Powell also addressed the outlook for monetary policy, noting that the Fed is facing a "challenging situation" as near-term risks to inflation are tilted to the upside and risks to employment to the downside.

Crude oil prices moved sharply higher on Tuesday as Iraq's earlier-announced plans to export oil to Turkey from Kurdistan stalled due to payment issues. West Texas Intermediate crude for October delivery was up $1.26 or 2.02 percent at $63.54 per barrel.