Win Streak May End For South Korea Shares

(RTTNews) - The South Korea stock market has finished higher in two straight sessions, collecting more than 45 points or 0.7 percent along the way. The KOSPI now sits just above the 6,835-point plateau although it may run out of steam on Wednesday.

The global forecast for the Asian markets is weak on rising hostilities in the Middle East and the resulting spike in crude oil prices. The European and U.S. markets were down and the Asian bourses are expected to follow suit.

The KOSPI finished lower on Tuesday as gains from the technology stocks and energy companies were capped by weakness from the automobile producers and financial shares.

For the day, the index rose 15.78 points or 0.23 percent to finish at 6,835.80. Volume was 263.7 million shares worth 17.5 trillion won. There were 444 gainers and 421 decliners.

The lead from Wall Street is negative as the major averages opened lower on Tuesday and remained firmly under water throughout the trading day.

The Dow dropped 419.02 points or 0.79 percent to finish at 52,766.88, while the NASDAQ sank 271.12 points or 1.03 percent to end at 26,099.77 and the S&P 500 lost 54.67 points or 0.71 percent to close at 7,631.47.

The continued weakness on Wall Street came after U.S. Central Command announced a fresh wave of attacks against Iran, striking Islamic Revolutionary Guard Corps targets.

Crude oil prices have surged in reaction to the latest attack, renewing concerns about inflation and the outlook for interest rates.

Crude oil prices surged on Tuesday after the U.S. launched another fresh wave of attacks on Iran following the recent exchange of strikes over the weekend. West Texas Intermediate crude for October delivery was up $4.27 or 4.98 percent at $90.03 per barrel.

Closer to home, South Korea will provide August figures for consumer prices later this morning, with analysts expecting an increase of 0.3 percent on month and 3.2 percent on year. That follows the 0.2 percent monthly decline and the 2.8 percent yearly increase in July.