The South Korea stock market bounced higher again on Tuesday, one session after snapping the two-day winning streak in which it had climbed almost 45 points or 1.5 percent. The KOSPI now sits just above the 3,070-point plateau although it may tick lower again on Wednesday.
The global forecast for the Asian markets is mixed to lower on bond yield concerns and sliding oil prices. The European markets were up and the U.S. bourse were down and the Asian markets are tipped to split the difference.
The KOSPI finished sharply higher on Tuesday following gains from the financial shares, automobile producers and oil and technology stocks.
For the day, the index climbed 33.96 points or 1.12 percent to finish at 3,070.00 after trading between 3,038.44 and 3,074.57. Volume was 1 billion shares worth 13.9 trillion won. There were 531 gainers and 307 decliners.
Among the actives, Shinhan Financial collected 0.54 percent, while KB Financial spiked 2.23 percent, Hana Financial rose 0.12 percent, Samsung Electronics advanced 0.74 percent, LG Electronics surged 8.19 percent, SK Hynix jumped 1.89 percent, Naver gained 1.21 percent, LG Chem climbed 1.13 percent, Lotte Chemical sank 0.66 percent, S-Oil rallied 2.61 percent, SK Innovation skyrocketed 8.78 percent, POSCO dropped 0.92 percent, SK Telecom eased 0.19 percent, KEPCO shed 0.43 percent, Hyundai Motor accelerated 1.86 percent and Kia Motors soared 4.07 percent.
The lead from Wall Street is negative as stocks opened lower on Tuesday, regained some ground as the day progressed but still ended in the red.
The Dow dropped 104.41 points or 0.31 percent to finish at 33,066.96, while the NASDAQ fell 14.25 points or 0.11 percent to end at 13,045.39 and the S&P 500 slipped 12.54 points or 0.32 percent to close at 3,958.55.
The early weakness on Wall Street came as treasury yields extended the strong upward move seen on Monday, weighing on high-growth technology stocks.
The yield on the benchmark ten-year note climbed to its highest level in over a year amid optimism about the coronavirus vaccine rollouts and the economy reopening as well as President Joe Biden's infrastructure plan.
In economic news, the Conference Board said consumer confidence skyrocketed more than expected in March, hitting its highest level in a year.
Crude oil prices drifted lower on Tuesday after shipping traffic resumed through the Suez Canal. Traders were also weighing the impact of a surge in coronavirus cases and extended lockdown measures in Europe on near-term energy demand. West Texas Intermediate Crude oil futures for May fell $1.01 or 1.6 percent at $60.55 a barrel.
Closer to home, South Korea will release February numbers for industrial production and retail sales later this morning.
Industrial production is expected to ease 0.1 percent on month and rise 2.5 percent on year after falling 1.6 percent on month and gaining 7.5 percent on year in January. Retail sales were flat on month in January and up 1.6 percent on year.
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