The South Korea stock market has moved higher in consecutive trading days, gathering almost 10 points or 0.4 percent along the way. The KOSPI now rests just above the 2,470-point plateau and it's expected to open higher again on Tuesday.
The global forecast for the Asian markets remains upbeat as a rate hike Wednesday from the FOMC has already largely been priced in. A jump in crude oil prices adds to the positive sentiment. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The KOSPI finished modestly higher on Monday as gains from the industrials were tempered by weakness from the financials and automobile producers.
For the day, the index picked up 7.49 points or 0.30 percent to finish at 2,471.49 after trading between 2,457.98 and 2,471.99. Volume was 237.57 million shares worth 4.536 trillion won.
Among the actives, Hyundai Heavy spiked 1.98 percent, while Daewoo Shipbuilding gained 0.58 percent, POSCO added 0.61 percent, Hyundai Steel fell 0.51 percent, Shinhan Financial lost 0.41 percent, Woori Bank tumbled 1.91 percent, Samsung Electronics shed 0.42 percent, LG Electronics surged 2.33 percent, SK hynix was unchanged, Hyundai Motor plummeted 5.36 percent and Kia Motors skidded 1.67 percent.
The lead from Wall Street is firm as stocks moved mostly higher on Monday, allowing the Dow and the S&P 500 to hit fresh record closing highs.
The Dow rose 56.87 points or 0.23 percent to 24,386.03, while the NASDAQ advanced 35.00 points or 0.51 percent to 6,875.08 and the S&P 500 climbed 8.49 points or 0.32 percent to 2,659.99.
Traders were reluctant to make significant moves ahead of the Federal Reserve's monetary policy announcement on Wednesday.
With the Fed widely expected to raise interest rates by a quarter-point, traders are likely to keep a close eye on the accompanying statement as well as outgoing Fed Chair Janet Yellen's press conference for clues about the outlook for future rate hikes.
Crude oil prices rose Monday to their highest levels in a week. January WTI oil gained 63 cents or 1.1 percent to $57.99/bbl, moving back toward recent two-year highs near $60.
by RTT Staff Writer
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