The South Korean stock market has risen in two out of the past three trading sessions, recovering after a four-day losing streak during which it had dropped nearly 250 points, or 5.8%. The KOSPI index currently hovers just below the 2,470-mark and might see further gains on Tuesday.
Global market sentiment for Asian markets is cautiously optimistic, with an anticipated upward trend led by technology and oil stocks. Both European and U.S. markets recorded modest gains, suggesting that Asian markets may also open on a positive note.
On Monday, the KOSPI made significant gains propelled by robust performances from technology stocks and industrials, alongside mostly positive financial sector results.
The index increased by 52.21 points, or 2.16%, closing at 2,469.07, with trading fluctuating between 2,437.53 and 2,480.01. The trading volume was 431.2 million shares, valued at 10.4 trillion won. There were 614 stocks that gained and 282 that declined. Noteworthy movements included Shinhan Financial declining by 0.37%, KB Financial rising by 2.12%, Hana Financial increasing by 1.86%, Samsung Electronics rocketing up by 5.98%, Samsung SDI soaring by 6.49%, LG Electronics strengthening by 1.81%, and SK Hynix dropping by 3.65%. Meanwhile, Naver rose by 0.42%, LG Chem surged by 4.14%, Lotte Chemical fell significantly by 10.22%, SK Innovation rose by 6.04%, POSCO climbed by 4.50%, SK Telecom declined by 1.07%, KEPCO enhanced by 4.42%, Hyundai Mobis increased by 2.78%, Hyundai Motor accelerated by 5.34%, and Kia Motors surged by 5.57%.
Wall Street's guidance suggests a mild upward direction, with major indices starting on opposite sides on Monday but sticking to a narrow range, ultimately ending mixed.
The Dow decreased by 55.39 points, or 0.13%, closing at 43,389.60, while the NASDAQ rose by 111.69 points, or 0.60%, to finish at 18,791.81, and the S&P 500 gained 23.00 points, or 0.39%, to end at 5,893.62.
Wall Street's strength was driven by bargain hunting, as traders seized the opportunity to purchase stocks at lower values following last week's steep declines amid concerns about the future of interest rates.
In U.S. economic updates, the National Association of Home Builders reported a significant improvement in homebuilder confidence for November, reaching its highest level since April.
Oil prices rose on Monday due to concerns over potential supply shortages stemming from the intensified conflict between Russia and Ukraine, coupled with a weaker dollar. West Texas Intermediate Crude oil futures for December saw an increase of $2.14, or 3.2%, closing at $69.16 a barrel.