The South Korea stock market has moved higher in two straight sessions, climbing more than 120 points or 4 percent along the way. The KOSPI now sits just beneath the 3,100-point plateau and it may extend its winning streak on Wednesday.
The global forecast for the Asian remains upbeat on stimulus optimism, earnings news and rising oil prices. The European and U.S. markets were up and the Asian markets are expected to follow that lead.
The KOSPI finished sharply higher again on Tuesday following gains from the technology stocks, oil companies and industrials - while the financials were mixed.
For the day, the index jumped 40.28 points or 1.32 percent to finish at 3,096.81 after trading between 3,065.56 and 3,138.95. Volume was 874 million shares worth 18.9 trillion won. There were 5664 gainers and 190 decliners.
Among the actives, Shinhan Financial improved 1.59 percent, while KB Financial shed 0.59 percent, Hana Financial dropped 0.85 percent, Samsung Electronics climbed 1.69 percent, SK Hynix spiked 4.00 percent, Samsung SDI gathered 0.94 percent, LG Chem advanced 1.58 percent, Lotte Chemical accelerated 3.77 percent, S-Oil soared 3.90 percent, SK Innovation added 0.47 percent, POSCO perked 3.95 percent, SK Telecom eased 0.20 percent, KEPCO rallied 2.41 percent, Hyundai Motor gained 0.84 percent, Kia Motors sank 1.00 percent and LG Electronics was unchanged.
The lead from Wall Street is firmly positive as stocks opened higher on Tuesday and remained in the green throughout the session, extending gains from the previous session.
The Dow jumped 475.57 points or 1.57 percent to finish at 30,687.48, while the NASDAQ climbed 209.38 points or 1.56 percent to end at 13,612.78 and the S&P 500 gained 52.45 points or 1.39 percent to close at 3,826.31.
The continued strength on Wall Street came as stocks that recently benefited from the retail trading frenzy moved sharply higher.
The markets also benefited from a positive reaction to the latest earnings news from companies such as Exxon Mobil (XOM) and delivery giant UPS (UPS).
Traders also remain optimistic about more fiscal stimulus after President Joe Biden met with ten Republican Senators who have offered a counterproposal to his $1.9 trillion relief plan, although Democrats figure to move forward with their own plans..
Crude oil prices extended gains on Tuesday as OPEC's move to cut production helped ease worries of excess supply in the market. West Texas Intermediate Crude oil futures for March ended up $1.21 or 2.3 percent at $54.76 a barrel, the highest settlement in more than a year.
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