The South Korea stock market has concluded higher for two consecutive sessions, accumulating nearly 10 points or 0.3 percent over this period. The KOSPI is now positioned slightly above the 2,865 mark and is anticipated to open positively again on Wednesday.
The global outlook for Asian markets is optimistic due to encouraging earnings reports and favorable interest rate expectations. Although European markets were down, U.S. markets performed well, and it is likely that Asian markets will follow the U.S. trend.
On Tuesday, the KOSPI edged slightly higher, driven by gains in automobile stocks, underperformance in the chemical sector, and mixed results from financial shares.
The KOSPI added 5.17 points or 0.18 percent to close at 2,866.09. Trading volume reached 667.5 million shares, with a total value of 12.4 trillion won. The market saw 498 stocks decline and 356 stocks rise.
Notable performers included Shinhan Financial, which rose by 1.54 percent, while KB Financial fell by 1.87 percent. Hana Financial gained 0.16 percent, Samsung Electronics increased by 1.15 percent, but Samsung SDI dropped by 4.64 percent. LG Electronics climbed by 1.91 percent, SK Hynix went up by 1.30 percent, and Naver declined by 2.67 percent. LG Chem fell by 4.87 percent, Lotte Chemical decreased by 0.83 percent, and S-Oil shed 0.44 percent. SK Innovation surged by 4.91 percent, POSCO dropped by 3.37 percent, SK Telecom advanced by 0.96 percent, KEPCO slightly declined by 0.15 percent, Hyundai Mobis lost 0.43 percent, Hyundai Motor increased by 2.23 percent, and Kia Motors jumped by 2.42 percent.
Wall Street sent a positive signal as major indexes opened higher and maintained upward momentum, despite a brief dip in the NASDAQ.
The Dow surged 742.76 points or 1.85 percent to a record 40,945.48, the NASDAQ added 36.77 points or 0.20 percent to close at 18,509.34, and the S&P 500 rose 35.98 points or 0.64 percent to finish at a record 5,667.20.
Wall Street's strength was supported by positive earnings from companies like UnitedHealth (UNH), Bank of America (BAC), and Morgan Stanley (MS). Additionally, traders responded positively to U.S. economic data, including a Commerce Department report showing unchanged retail sales for June and a Labor Department report indicating unexpected stability in import prices and a 0.5 percent decrease in export prices.
Gold stocks experienced notable strength due to a sharp rise in gold prices, pushing the NYSE Arca Gold Bugs Index up by 3.4 percent to a two-year closing high.
Conversely, oil prices fell on Tuesday, marking the third consecutive session of losses amid demand outlook concerns and a slightly stronger dollar. West Texas Intermediate Crude oil futures for August declined by $1.15 or 1.4 percent to $80.76 per barrel.
