The South Korean stock market has seen consecutive gains, rising nearly 50 points, or 2%, in recent sessions. As a result, the KOSPI is currently positioned just below the 2,610 mark, though some investors may consider securing profits on Tuesday. Globally, Asian markets are expected to face downward pressure, as key economic and earnings reports are anticipated later this week. While European markets showed mixed and stagnant performances, U.S. markets ended noticeably lower, suggesting that Asian markets might follow suit. In Monday’s session, the KOSPI rose significantly, driven by strong performances in financial, industrial, and primarily technology sectors. The index surged 40.67 points, or 1.58%, to close at 2,610.38, fluctuating between 2,561.46 and 2,611.93 throughout the day. Trading volume reached 336 million shares, equating to a value of 10.2 trillion won, with 618 stocks advancing and 259 declining. Key active stocks included Shinhan Financial, up 1.09%, KB Financial, up 5.69%, Hana Financial, up 3.53%, and Samsung Electronics, which increased by 0.66%. Samsung SDI improved by 1.66%, while LG Electronics fell by 2.08%. SK Hynix experienced a significant rise of 6.20%, Naver dropped by 2.69%, and LG Chem climbed 3.01%. Meanwhile, Lotte Chemical advanced 4.92%, SK Innovation gained 1.81%, POSCO increased 2.71%, SK Telecom saw a minor dip of 0.18%, KEPCO decreased by 1.09%, Hyundai Mobis fell by 0.46%, Hyundai Motor jumped 3.13%, and Kia Motors rose by 2.45%.
Turning to Wall Street, the outlook is dim, as major indices opened lower on Monday and continued to decline, closing near their session lows. The Dow Jones Industrial Average fell 398.51 points, or 0.94%, to settle at 41,954.24. Similarly, the NASDAQ dropped 213.95 points, or 1.18%, finishing at 17,923.90, and the S&P 500 decreased by 55.13 points, or 0.96%, ending at 5,695.94.
This downturn on Wall Street reflects traders revising their expectations regarding interest rates. Following positive employment data on Friday, the consensus is now for a modest quarter-point interest rate reduction at the Federal Reserve's forthcoming policy decision on November 7.
Investor sentiment remains cautious, with keen anticipation for upcoming consumer and producer price inflation reports, alongside earnings releases from prominent banks this week.
In geopolitical news, Israeli defense forces have escalated airstrikes on Gaza and Beirut, marking the first anniversary of Hamas' cross-border incursion into Israel, which led to broader Middle East conflict.
Oil prices witnessed a pronounced hike on Monday, propelled by potential supply disruptions in the Persian Gulf stemming from mounting tensions in the Middle East. Specifically, West Texas Intermediate crude futures for November surged by $2.76, or 3.71%, closing at $77.14 per barrel, marking the highest settlement in nearly eight weeks.
