Tech Shares May Boost South Korea Stock Market

(RTTNews) - The South Korea stock market has finished lower in two of three trading days since the end of the four-day winning streak in which it had surged more than 640 points or 11.7 percent. The KOSPI now sits just beneath the 5,810-point plateau although it's expected to find renewed support on Tuesday. The global forecast for the Asian markets is cautiously optimistic, with energy and technology stocks expected to provide support. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead. The KOPSI finished modestly lower on Monday following losses from the technology stocks and industrial issues, while the financial sector came in mixed. For the day, the index slumped 50.25 points or 0.86 percent to finish at 5,808.62 after trading between 5,730.23 and 5,827.73. Volume was 1.07 trillion shares worth 21.1 trillion won. There were 524 decliners and 343 gainers. Among the actives, Shinhan Financial fell 0.41 percent, while KB Financial skidded 1.07 percent, Hana Financial collected 0.42 percent, Samsung Electronics tumbled 2.43 percent, Samsung SDI surrendered 2.10 percent, LG Electronics tanked 2.62 percent, SK Hynix climbed 1.27 percent, Naver retreated 1.49 percent, LG Chem plunged 4.49 percent, Lotte Chemical cratered 4.01 percent, SK Innovation sank 0.74 percent, POSCO Holdings contracted 2.44 percent, SK Telecom shed 0.54 percent, KEPCO plummeted 2.76 percent, Hyundai Mobis crashed 2.73 percent, Hyundai Motor stumbled 2.25 percent and Kia Motors slumped 1.07 percent.

The lead from Wall Street is positive as the major averages opened under water on Monday but quickly trended to the upside and into the green, finishing at daily highs.

The Dow climbed 301.68 points or 063 percent to finish at 48,218.25, while the NASDAQ jumped 280.84 points or 1.23 percent to close at 23,183.74 and the S&P 500 rallied 69.35 points or 1.02 percent to end at 6,886.24.

The strength that emerged on Wall Street came as traders kept an eye on developments in the Middle East after weekend talks between the U.S. and Iran failed to produce an agreement.

Crude oil prices surged on Monday after U.S. President Donald Trump imposed a blockade on ships transiting to and from Iran via the Strait of Hormuz. West Texas Intermediate crude for May delivery was up $2.67 or 2.76 percent at $99.24 per barrel. While the news contributed to a significant increase by the price of crude oil, traders seem optimistic Trump will back down once again and avoid a return to war.

Traders were also looking ahead to the start of earnings season, with companies largely expected to report strong financial results despite the Middle East conflict.