Before the extensive Lunar New Year holiday break, South Korea's stock market had consecutively surged in two sessions, aggregating close to 45 points, equating to around 1.8 percent. Presently, the KOSPI market finds stability a bit beyond the 2,620-point level, albeit it might achieve equilibrium this coming Tuesday.
Global forecasts for Asian markets suggest negligible fluctuations owing to a good number of countries still on Lunar New Year break. The European market depicted a positive trend, while the U.S markets portrayed a blend of ups and downs with little change, possibly tending to Asian markets veering towards a midpoint.
KOSPI showcased a modest surge last Thursday attributed to gains in the financial sector and mixed outcomes from the tech and industrial sectors. The index increased by 10.74 points (0.41%) and settled at 2,620.32, fluctuating between 2,610.21 and 2,629.51. Shares traded totalled 422.7 million, valued at 12.2 trillion won, with 451 gainers and 436 decliners.
Active players in the market included Shinhan Financial, witnessing a 3.03% rise, KB Financial rising by 4.48%, and Hana Financial surging 1.80%. Samsung Electronics fell by 1.20%, LG Electronics dipped by 0.71%, while SK Telecom dropped 0.97%. Certain others like Samsung SDI, SK Hynix, Naver, LG Chem, POSCO, Hyundai Mobis, and Hyundai Motor exhibited growth, while S-Oil, Lotte Chemical, KEPCO, and Kia Motors showed a downward trend, with SK Innovation remaining static.
Wall Street's lead provides ambiguous clues as significant averages began flat but quickly ascended before declining, leaving only the Dow to sustain its gains and reach a new record closure. Aside from that, the lack of noteworthy U.S. economic data made some traders reluctant, awaiting key reports' release in the subsequent days.
Meanwhile, the Labor Department is scheduled to deliver its report on consumer price inflation for January soon, which could significantly influence interest rates' future. Treasury bonds fluctuated before ending slightly higher on Monday. The yield on the crucial ten-year note, inversely proportional to its price, relaxed 1.5 basis points at 4.172 percent.
Lastly, crude oil futures landed nearly flat on Monday as concerns over demand outweighed the possible impact of supply disruptions. The dollar's regain from lower levels also impacted prices, and West Texas Intermediate Crude oil futures for March settled at $76.92 a barrel, representing an increase of $0.08 from the previous close.
