The South Korea stock market has finished higher in five straight sessions, accelerating almost 150 points or 6.2 percent along the way. Now at a fresh record closing high, the KOSPI sits just above the 2,745-point plateau although investors may lock in gains on Tuesday.
The global forecast for the Asian markets is mixed to lower on geopolitical concerns and fears of a no deal Brexit. The European and U.S. markets were mixed and the Asian bourses figure to follow suit.
The KOSPI finished modestly higher on Monday as gains from the oil companies and technology stocks were offset by weakness from the financials and industrials.
For the day, the index added 13.99 points or 0.51 percent to finish at 2,745.44 after trading between 2,711.42 and 2,754.01. Volume was 1.5 billion shares worth 17.7 trillion won. There were 551 decliners and 300 gainers.
Among the actives, Shinhan Financial retreated 1.59 percent, while Hana Financial plummeted 3.15 percent, Samsung Electronics jumped 1.96 percent, LG Electronics was down 1.44 percent, SK Hynix rallied 2.61 percent, Samsung SDI sank 0.91 percent, LG Chem plunged 3.55 percent, Lotte Chemical tumbled 1.96 percent, S-Oil added 0.71 percent, SK Innovation rose 0.56 percent, POSCO perked 1.69 percent, SK Telecom eased 0.21 percent, KEPCO lost 0.90 percent, Hyundai Motor dropped 1.53 percent, Kia Motors declined 1.22 percent and KB Financial was unchanged.
The lead from Wall Street is mixed as the Dow and S&P 500 opened in the red and stayed that way, while the tech-heavy NASDAQ opened in the green on its way to a fresh record closing high.
The Dow dropped 148.47 points or 0.49 percent to finish at 20,069.79, while the NASDAQ gained 55.71 points or 0.45 percent to end at 12,519.95 and the S&P 500 fell 7.16 points or 0.19 percent to close at 3,691.96.
The choppy trading on Wall Street came as traders were reluctant to make significant moves after the major averages all reached record closing highs last Friday. They may be waiting for further developments regarding a potential stimulus bill before making any substantial bets.
On the geopolitical scene, reports suggest that the U.S. is preparing to sanction at least a dozen more Chinese officials over their role in the recent disqualification of Hong Kong legislators.
Also, traders have started pricing in the prospect of a no deal outcome to EU-UK trade negotiations after reports that Prime Minister Boris Johnson was ready to walk away from negotiations.
Oil prices retreated on Monday as rising Covid-19 cases prompted more lockdowns around the world, threatening a global economic recovery. West Texas Intermediate oil futures sank 45 cents or 0.99 percent at $45.66.
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