FX.co ★ South Korea Shares Expected To Open In The Green

The South Korean stock market has shown a positive uptick over the last three trading days, following a four-day downward streak that saw the market decline by nearly 125 points, or 4.6 percent. The KOSPI, South Korea's primary index, is currently hovering just below the 2,630-point mark, suggesting potential for further gains.

This positive outlook is echoed by global forecasts, which suggest an optimistic trend in Asian markets, as investors show an interest in technology stocks, which recently suffered significant losses. Both European and U.S. markets are trending upwards, and it is predicted that Asian markets will follow the same pattern.

Monday saw a significant upswing in the KOSPI, driven by substantial gains from the financial sector, chemical companies, and automobile manufacturers. However, oil and technology sectors remained weak. The end of the day saw the index rallying up by 37.58 points or 1.45 percent to settle at a daily high of 2,629.44.

Leading performers include Shinhan Financial, which increased by 6.11 percent, KB Financial, which went up by a striking 9.11 percent, and Hana Financial, which boomed by 8.78 percent. Conversely, tech giant Samsung Electronics fell by 1.93 percent, while LG Electronics only showed a modest rise of 0.88 percent.

In global news, Wall Street has embraced positivity as its major averages opened higher and stayed that way throughout the trading day. The Dow went up by 253.58 points or 0.67 percent, the NASDAQ jumped 169.30 points or 1.11 percent, and finally, the S&P 500 gained 43.37 points or 0.87 percent.

This boost on Wall Street is attributed to diminished fears of an expanded Middle East conflict as both Iran and Israel conclude measured counterattacks to avoid casualties. Investors are eagerly seizing the chance to buy at low prices before the U.S. releases data on new home sales, durable goods orders, and personal income & spending.

The corporate earnings season is also expected to ramp up this week with big names such as Tesla, Boeing, IBM, Caterpillar, Honeywell, Alphabet, Intel, Microsoft, Chevron, and Exxon Mobil, all due to report their quarterly results.

However, oil prices have seen a downward trend due to concerns regarding the global demand for oil, as well as recent data revealing a sharp increase in U.S. crude inventories. For instance, the West Texas Intermediate Crude oil futures fell by $0.29 (or 0.34 percent) to $82.85 a barrel.