KOSPI May Add To Its Winnings On Tuesday

The South Korean stock market concluded its two-day downturn on Monday, during which it lost over 80 points or 3.2%. The KOSPI now hovers slightly above the 2,440 mark, and indications suggest a positive opening on Tuesday.

The global sentiment for Asian markets is optimistic, particularly with technology stocks anticipated to drive gains. While European markets remained stable, U.S. markets experienced an upswing, which is likely to influence Asian markets positively.

The KOSPI showed a notable increase on Monday, buoyed by advances in financial and technology sectors, although performances in the chemical and automotive industries were mixed.

By day's end, the index climbed 37.86 points, or 1.57%, closing at 2,442.01, with trading volume at 415.4 million shares valued at 7.18 trillion won. Market breadth was positive with 717 stocks advancing and 185 declining.

In particular, Shinhan Financial rose by 2.18%, KB Financial increased by 1.40%, and Hana Financial saw a significant rise of 3.87%. Samsung Electronics gained 0.94%, Samsung SDI surged 3.23%, and LG Electronics edged up 0.81%. Conversely, Naver sharply decreased by 4.29%, and LG Chem slipped 0.58%. Lotte Chemical gained 1.12%, while SK Innovation dropped 1.03%. POSTCO Holdings improved by 0.96%, and SK Telecom ascended 1.25%. Hyundai Motor's shares accelerated by 2.14%, whereas Kia Motors slightly dipped by 0.30%, and Hyundai Mobis remained stable.

Wall Street provided a positive lead, as major indices, despite a flat start on Monday, eventually rose and ended in positive territory.

The Dow Jones Industrial Average edged up 66.69 points or 0.16% to 42,906.95, while the NASDAQ saw a significant rise of 192.29 points or 0.98%, closing at 19,764.88. The S&P 600 increased by 43.22 points or 0.73%, ending the session at 5,974.07.

The NASDAQ's rise was largely driven by a rally in semiconductor stocks, bolstered by strong performances in the computer hardware sector.

Overall, trading activity remained muted, as investors appeared hesitant to engage in large trades ahead of the holiday week, with the Christmas Day holiday approaching on Wednesday.

In economic developments, the U.S. Commerce Department reported that new orders for manufactured durable goods dropped more than anticipated in November. Additionally, the Conference Board highlighted an unexpected decline in consumer confidence for December.

Oil futures declined on Monday, impacted by concerns regarding potential oversupply in the market, coupled with a stronger dollar. West Texas Intermediate crude oil futures for February fell by $0.26, or 0.3%, settling at $69.20 per barrel.

The material has been provided by InstaForex Company - www.instaforex.com
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