South Korea Shares Tipped To Find Additional Support

(RTTNews) – The South Korea stock market has finished higher in two straight sessions, jumping almost 70 points or 2.8 percent along the way. The KOSPI now rests just above the 2,540-point plateau and it’s looking at another green light again on Tuesday.

The global forecast for the Asian markets is upbeat on encouraging news about a possible Covid-19 vaccine. The European and U.S. markets were firmly higher and the Asian bourses are also expected to open in the green.

The KOSPI finished sharply higher on Monday following gains from the financial shares, technology stocks and industrials.

For the day, the index spiked 49.16 points or 1.97 percent to finish at 2,543.03 after trading between 2,507.46 and 2,546.37. Volume was 1.2 billion shares worth 18.8 trillion won. There were 556 gainers and 275 decliners.

Among the actives, Shinhan Financial rallied 2.95 percent, while KB Financial climbed 1.67 percent, Hana Financial soared 5.34 percent, Samsung Electronics surged 4.91 percent, LG Electronics was up 1.05 percent, SK Hynix skyrocketed 9.25 percent, Samsung SDI tanked 3.09 percent, LG Chem plunged 3.97 percent, Lotte Chemical jumped 2.25 percent, S-Oil spiked 4.70 percent, SK Innovation fell 0.32 percent, POSCO perked 1.27 percent, SK Telecom advanced 1.09 percent, KEPCO skidded 1.17 percent, Hyundai Motor added 0.85 percent and Kia Motors gained 0.84 percent.

The lead from Wall Street is positive as opened higher on Monday and remained in the green throughout the session, extending Friday’s gains.

The Dow surged 470.63 points or 1.60 percent to finish at 29,950.44, while the NASDAQ jumped 94.84 points or 0.80 percent to end at 11,924.13 and the S&P 500 added 41.76 points or 1.16 percent to close at 3,626.91.

The strength on Wall Street followed more upbeat news on the coronavirus vaccine front, with Moderna (MRNA) reporting positive results from a trial of its vaccine candidate that showed an efficacy of 94.5 percent.

In economic news, the Federal Reserve Bank of New York said New York manufacturing activity unexpectedly expanded at a slower rate in November.

Crude oil prices surged higher Monday thanks to encouraging reports on Covid-19 vaccine and an improved energy demand outlook. West Texas Intermediate Crude oil futures for December ended up $1.21 or 3 percent at $41.34 a barrel.

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