(RTTNews) - The South Korea stock market has moved higher in three straight sessions, collecting almost 55 points or 2.1 percent along the way. The KOSPI now sits just above the 2,565-point plateau and it's tipped to open in the green again on Tuesday.
The global forecast for the Asian markets is cautiously optimistic on hopes for an interest rate cut. The European markets were mixed and the U.S. bourses were modestly higher and the Asian markets are expected to split the difference.
The KOSPI finished slightly higher on Monday following mixed performances from the oil and chemical companies, while the technology and financial sectors were soft and the steel shares offered support.
For the day, the index perked 3.30 points or 0.13 percent to finish at 2,566.86 after trading between 2,556.05 and 2,573.13. Volume was 377.2 million shares worth 10.02 trillion won. There were 453 gainers and 427 decliners.
Among the actives, Shinhan Financial lost 0.51 percent, while KB Financial retreated 1.32 percent, Hana Financial declined 1.40 percent, Samsung Electronics shed 0.55 percent, Samsung SDI dipped 0.22 percent, LG Electronics tumbled 1.13 percent, Naver tanked 1.33 percent, LG Chem climbed 1.01 percent, Lotte Chemical stumbled 0.81 percent, S-Oil rose 0.29 percent, SK Innovation sank 0.79 percent, POSCO jumped 1.09 percent, SK Telecom dropped 0.79 percent, KEPCO slumped 1.09 percent, Hyundai Mobis eased 0.22 percent, Hyundai Motor fell 0.41 percent, Kia Motors was up 0.11 percent and SK Hynix was unchanged.
The lead from Wall Street is mostly positive as the major averages opened higher on Monday and largely stayed that way, although the Dow struggled to stay in the green.
The Dow rose 0.86 points or 0.00 percent to finish at 37,306.02, while the NASDAQ advanced 90.89 points or 0.61 percent to close at 14,904.81 and the S&P 500 gained 21.37 points or 0.45 percent to end at 4,740.56.
The major averages have moved higher for seven consecutive weeks due in part to optimism about the outlook for interest rates, with last week's rally coming as the Federal Reserve's latest projections hinted at three rate cuts next year.
However, several Fed officials have subsequently pushed back on investor hopes that rate cuts by the central bank are imminent. Nonetheless, CME Group's FedWatch Tool still suggests there is a good chance the Fed will lower interest rates by a quarter point in March.
In economic news, the National Association of Home Builders released a report showing homebuilder sentiment in the U.S. rebounded in December after falling for four consecutive months.
Oil prices rose sharply on Monday on rising tensions in the Middle Ease due to recent attacks on ships crossing the Red Sea, which have raised supply concerns. West Texas Intermediate Crude oil futures for January ended higher by $1.04 or 1.44 percent at $72.47 a barrel.
