On Monday, the South Korean stock market ended its three-day losing streak, during which it had declined nearly 40 points or 1.6 percent. The KOSPI index now rests slightly above the 2,600-point mark, although it might face new selling pressures on Tuesday. The global forecast for Asian markets expects negativity, likely due to profit-taking across the regions. European and U.S. markets showed mostly downward trends, and Asian markets are anticipated to follow suit. Despite this, KOSPI experienced a modest rise on Monday, buoyed by gains in chemical companies and a mixed outcome from financials and technology stocks. The index increased by 11.1 points or 0.43 percent, closing at 2,604.92 after moving between 2,594.05 and 2,618.71. Trading volume included 235.86 million shares valued at 7.6 trillion won, with 434 stocks advancing and 427 declining. Among the notable movements, Shinhan Financial declined 1.24 percent, KB Financial decreased by 0.95 percent, and Hana Financial slipped 1.07 percent. Samsung Electronics dropped 0.34 percent, while Samsung SDI rose 1.36 percent, and LG Electronics dipped 0.10 percent. SK Hynix saw a 1.92 percent jump, LG Chem increased by 0.61 percent, Lotte Chemical saw a substantial 2.79 percent spike, and SK Innovation rose 2.05 percent. POSCO fell 0.43 percent, SK Telecom edged up 0.18 percent, KEPCO rose 0.95 percent, Hyundai Mobis decreased 0.20 percent, Hyundai Motor climbed 1.07 percent, Kia Motors slipped 0.11 percent, and Naver remained unchanged.
The sentiment from Wall Street was mixed to weak as major averages opened lower on Monday, largely maintaining that posture, although NASDAQ turned positive by the end of the day. The Dow Jones Industrial Average dropped 344.25 points or 0.80 percent to close at 42,931.25. The NASDAQ rose by 50.45 points or 0.27 percent to finish at 18,540.01, while the S&P 500 declined 10.69 points or 0.18 percent, ending at 5,853.98. Wall Street's mixed performance was attributed to profit-taking that pulled the Dow from its record closing high, counterbalanced by tech stocks that propelled the NASDAQ to its highest close in three months.
Overall, trading activity was relatively subdued as investors anticipated a wave of corporate earnings reports from major companies later in the week.
In economic developments, the Conference Board reported that its leading U.S. economic indicators fell more sharply than anticipated in September.
Crude oil prices advanced on Monday amid potential supply disruptions due to rising tensions in the Middle East. West Texas Intermediate Crude oil futures for November settled $1.34 or 1.94 percent higher, at $70.56 per barrel.
