The South Korean stock market gained modest ground on Tuesday, a day after halting a two-day winning streak that saw an increase of over 60 points or 2.3 percent. The KOSPI now stands slightly above the 2,705-point mark and is expected to see minor gains on Wednesday.
Globally, Asian markets are anticipated to show little movement due to critical economic data expected later in the day. European markets were down, while U.S. markets showed mixed results, suggesting a balanced outlook for Asian markets.
On Tuesday, the KOSPI rose marginally, buoyed by gains in chemical and industrial sectors, which were partially offset by declines in technology stocks. The index increased by 4.15 points or 0.15 percent to close at 2,705.32, trading between 2,702.17 and 2,718.88. Market activity included 550 million shares traded, valued at 11.6 trillion won, with 510 decliners and 349 gainers.
Key performers included:
- Samsung Electronics fell 0.66%
- Samsung SDI decreased by 0.13%
- LG Electronics dropped 2.39%
- SK Hynix surged 2.16%
- Naver declined 0.29%
- LG Chem rose 1.21%
- Lotte Chemical skyrocketed 8.61%
- S-Oil fell 0.75%
- SK Innovation gained 2.27%
- POSCO increased 0.80%
- SK Telecom declined 0.58%
- KEPCO edged up 0.20%
- Hyundai Mobis dropped 1.13%
- Hyundai Motor rose 1.31%
- Kia Motors increased 0.49%
Shares of Shinhan Financial, KB Financial, and Hana Financial remained unchanged.
Wall Street presented a mixed picture, with major averages initially falling on Tuesday before trending upward as the day progressed. The Dow fell by 120.62 points or 0.31 percent to finish at 38,747.42. The NASDAQ climbed 151.02 points or 0.88 percent to close at a record 17,343.55. The S&P 500 gained 14.53 points or 0.27 percent, ending at a record 5,375.32.
The NASDAQ's advance was partly driven by a substantial 7.3 percent surge in Apple Inc. (AAPL) shares following the announcement of new AI features expected to encourage users to upgrade their devices.
Investors are closely watching two significant economic events scheduled for later today: the Labor Department's inflation report for May and the Federal Reserve's monetary policy announcement. While the Fed is anticipated to maintain interest rates, attention will be on the accompanying statement and the officials' latest economic and interest rate projections.
Oil futures recorded a slight increase on Tuesday as the market awaited inventory data and the Fed's policy announcement. West Texas Intermediate crude oil futures for July rose by $0.16, settling at $77.90 per barrel.
