In the past two trading sessions, the South Korean stock market has seen a positive trajectory, gaining over 55 points, which equates to a 2.3% rise. The KOSPI index is now positioned slightly above the 2,470 level and may continue its upward trend on Wednesday.
Globally, predictions for Asian markets are mixed to favorable, likely bolstered by the oil and technology sectors. While European markets experienced declines, U.S. exchanges generally closed higher, suggesting a similar positive direction for Asian markets.
On Tuesday, the KOSPI ended the session with a modest gain, driven by increases in the energy sector, offset by losses in the automotive sector, and mixed outcomes in financial and technology stocks. Specifically, the index climbed by 2.88 points, or 0.12%, to close at 2,471.95, fluctuating between 2,465.15 and 2,479.39 during the day's trading. Trading volume hit 401.2 million shares, valued at 8.9 trillion won, with 458 stocks advancing and 409 declining.
In terms of specific market movers, Shinhan Financial rose by 0.37%, KB Financial inched up by 0.11%, and Hana Financial dipped by 0.50%. Notably, Samsung Electronics fell by 0.71%, and Samsung SDI decreased by 1.33%, while LG Electronics advanced by 0.78%. SK Hynix lost 0.64%, whereas Naver increased by 1.15%. LG Chem experienced a slight decline of 0.35%, Lotte Chemical surged by 1.97%, and SK Innovation soared by 10.30%. POSCO saw a modest gain of 0.34%, SK Telecom increased by 0.36%, and KEPCO strengthened with a 1.48% increase. However, Hyundai Mobis plunged by 3.09%, Hyundai Motor fell by 0.69%, and Kia Motors dropped by 1.45%.
The outlook from Wall Street is cautiously optimistic, despite an initial downturn in the major averages on Tuesday. The NASDAQ and S&P 500 managed to close in positive territory.
The Dow Jones Industrial Average decreased by 120.66 points, or 0.28%, concluding at 43,268.94. Meanwhile, the NASDAQ surged by 195.66 points, or 1.04%, to 18,987.47, and the S&P 500 increased by 23.36 points, or 0.40%, closing at 5,916.98.
Early trading pressures on Wall Street were due to heightened tensions between the U.S. and Russia related to the ongoing conflict in Ukraine. Following President Joe Biden's authorization for Ukraine to strike Russian territory using U.S. long-range missiles, Russian President Vladimir Putin amended the nation's nuclear doctrine with a newly signed decree.
Nevertheless, the selling pressure eased shortly after market opening, aided by a rally in Nvidia (NVDA) shares, which contributed notably to the NASDAQ's recovery. Nvidia is slated to release its Q3 earnings later today.
Additionally, oil futures edged higher on Tuesday, amidst potential supply interruptions following Ukraine's launch of U.S.-made long-range missiles targeting a facility in Russia's Bryansk region. West Texas Intermediate Crude oil futures for December delivery rose by $0.23, approximately 0.3%, reaching $69.39 per barrel.
