(RTTNews) – The South Korea stock market bounced sharply higher again on Tuesday, one day after snapping the five-day winning streak in which it had rallied almost 130 points or 4.3 percent. The KOSPI now sits just above the 3,100-point plateau and it’s expected to add to its winnings again on Wednesday.
The global forecast for the Asian markets is upbeat following news of a ceasefire between Israel and Iran. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The KOSPI finished sharply higher on Tuesday following gains from the financial shares, technology stocks and industrials, although the oil companies were down.
For the day, the index surged 89.17 points or 2.96 percent to finish at 3,103.64, hitting a 45-month high. Volume was 566.7 million shares worth 18.8 trillion won. There were 766 gainers and 138 decliners.
Among the actives, Shinhan Financial collected 1.50 percent, while KB Financial spiked 4.37 percent, Hana Financial improved 3.13 percent, Samsung Electronics rallied 4.31 percent, Samsung SDI jumped 4.43 percent, LG Electronics added 2.01 percent, SK Hynix skyrocketed 7.32 percent, Naver perked 0.17 percent, LG Chem soared 4.20 percent, Lotte Chemical surged 6.91 percent, SK Innovation dropped 0.97 percent, S-Oil plunged 6.39 percent, POSCO Holdings strengthened 3.35 percent, SK Telecom increased 1.25 percent, KEPCO exploded for 20.71 percent, Hyundai Mobis gained 1.60 percent, Hyundai Motor accelerated 2.23 percent and Kia Motors climbed 1.04 percent.
The lead from Wall Street is positive as the major averages opened solidly higher and remained in the green throughout the trading day, ending near session highs.
The Dow jumped 507.24 points or 1.19 percent to finish at 43,089.02, while the NASDAQ rallied 281.56 points or 1.43 percent to close at 19,912.53 and the S&P 500 improved 67.01 points or 1.11 percent to end at 6,092.18.
The continued strength on Wall Street came after news that a ceasefire between Israel and Iran is now in effect. While both sides have accused each other of violating the ceasefire, traders appeared to remain optimistic about easing tensions in the Middle East.
Meanwhile, traders largely shrugged off comments from Federal Reserve Chair Jerome Powell indicating the central bank will remain on hold despite pressure from Trump to lower interest rates.
On the U.S. economic front, the Conference Board released a report showing an unexpected deterioration by consumer confidence in the month of June.
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