KOSPI May Extend Monday's Gains

(RTTNews) - The South Korea stock market on Monday wrote a finish to the two-day slide in which it had dropped more than 120 points or 2.2 percent. The KOSPI now sits just beneath the 5,550-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets is upbeat on easing crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

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

For the day, the index climbed 62.61 points or 1.14 percent to finish at 5,549.85 after trading between 5,448.75 and 5,561.42. Volume was 1.07 billion shares worth 21.6 trillion won. There were 642 decliners and 250 gainers.

Among the actives, Shinhan Financial dropped 0.88 percent, while KB Financial collected 0.27 percent, Hana Financial shed 0.46 percent, Samsung Electronics rallied 2.83 percent, Samsung SDI retreated 1.29 percent, LG Electronics advanced 0.97 percent, SK Hynix surged 7.03 percent, Naver tanked 2.24 percent, LG Chem stumbled 1.85 percent, Lotte Chemical surrendered 2.40 percent, SK Innovation cratered 2.93 percent, POSCO Holdings skidded 1.04 percent, SK Telecom jumped 1.73 percent, KEPCO plunged 2.90 percent, Hyundai Mobis sank 0.74 percent, Hyundai Motor tumbled 2.13 percent and Kia Motors slumped 1.40 percent.

The lead from Wall Street is positive as the major averages opened higher on Monday and remained firmly in the green throughout the trading day, snapping a four-day losing streak.

The Dow jumped 387.94 points or 0.83 percent to finish at 46,946.41, while the NASDAQ rallied 268.82 points or 1.22 percent to end at 22,374.18 and the S&P 500 spiked 67.19 points or 1.01 percent to close at 6,699.38.

The rebound on Wall Street came amid a sharp pullback by the price of crude oil after President Donald Trump called on other countries to help secure the Strait of Hormuz.

Crude oil prices slipped Monday as the blockade of the Strait of Hormuz showed mild signs of easing. West Texas Intermediate crude for April delivery was down $5.38 or 5.45 percent at $93.33 per barrel.

The pullback by oil prices helped ease recent inflation concerns, although the Federal Reserve is still widely expected to leave interest rates unchanged when it meets in the coming days.

In U.S. economic news, the Federal Reserve said that industrial production in the U.S. increased slightly more than expected in February.