Record-High KOSPI Called Higher Again On Wednesday

(RTTNews) – The South Korea stock market has moved higher in five straight sessions, collecting almost 80 points or 3.1 percent to a record closing high. The KOSPI now rests just above the 2,615-point plateau and it’s looking at another green light for Wednesday’s trade.

The global forecast for the Asian markets is strong on continued optimism for a coronavirus vaccine. The European and U.S. markets were up and the Asian markets are tipped to at least open in similar fashion.

The KOSPI finished modestly higher on Tuesday as gains from the industrials and oil and chemical companies were capped by weakness from the financials and a mixed bag from the technology stocks.

For the day, the index gained 15.17 points or 0.58 percent to finish at 2,617.76 after trading between 2,605.03 and 2,628.52. Volume was 1.3 billion shares worth 16.6 trillion won. There were 528 gainers and 299 decliners.

Among the actives, Shinhan Financial eased 0.15 percent, while KB Financial dipped 0.11 percent, Hana Financial sank 0.70 percent, Samsung Electronics rose 0.30 percent, LG Electronics lost 0.67 percent, SK Hynix skidded 1.40 percent, Samsung SDI spiked 4.94 percent, LG Chem surged 6.82 percent, S-Oil skyrocketed 6.77 percent, SK Innovation accelerated 3.90 percent, POSCO perked 0.41 percent, SK Telecom added 0.43 percent, KEPCO soared 4.64 percent, Hyundai Motor climbed 1.12 percent, Kia Motors advanced 0.84 percent and Lotte Chemical was unchanged.

The lead from Wall Street is broadly positive as stocks opened higher on Tuesday and picked up steam as the day progressed, ending in the green for the second straight day.

The Dow soared 454.97 points or 1.54 percent to finish at a record 30,046.24, while the NASDAQ jumped 156.15 points or 1.31 percent to end at 12,036.79 and the S&P 500 advanced 57.82 points or 1.62 percent to close at 3,635.41.

The spike on Wall Street came in reaction to confirmation about President-elect Joe Biden’s transition to the White House, removing some of the uncertainty surrounding the election.

Recent encouraging updates on the coronavirus vaccine front continued to aid sentiment in the face of continued spikes in new cases across the country.

Also, the market appeared to be hoping that a new administration at White House will decide on a fiscal stimulus soon and begin efforts to put the economy back on track.

Crude oil prices rose sharply on Tuesday and lifted the most active futures contract to their highest close since March thank to easing concerns about energy demand on upbeat updates on potential coronavirus vaccine. West Texas Intermediate Crude oil futures for January spiked $1.85 or 4.3 percent at $44.91 a barrel.

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