Technology stocks

Tech stocks set to boost South Korea stocks

(RTTNews) – The South Korean stock market on Tuesday halted the four-day losing streak in which it had fallen more than 120 points or 4.8%. KOSPI is now just above the 2,340 plateau and it could extend its gains on Wednesday.

Overall forecasts for Asian markets are inconsistent, with gains in technology stocks likely to be offset by weakness in energy producers. European markets were down and US markets were mixed and Asian markets appear to be following the latter lead.

The KOSPI ended sharply higher on Tuesday after gains in financial stocks, technology stocks and oil and corporate stocks.

For the day, the index climbed 41.44 points or 1.80% to end at 2,341.78 after trading between 2,309.62 and 2,344.08. The volume was 315.7 million shares worth 6.74 trillion won. There were 802 winners and 92 decliners.

Among assets, Shinhan Financial collected 0.13%, while KB Financial rose 0.75%, Hana Financial strengthened 1.56%, Samsung Electronics rose 0.18%, LG Electronics soared 5.88%, SK Hynix jumped 3.82%, Naver rose 3.40%, LG Chem rose 2.40%. percent, Lotte Chemical rose 1.38 percent, S-Oil added 0.49 percent, SK Innovation accelerated 1.69 percent, POSCO climbed 3.70 percent, SK Telecom climbed 1.12 percent, KEPCO jumped 1.55 percent, Hyundai Motor fell 0.28 percent and Kia Motor fell 0.13 percent.

Wall Street’s lead is mixed to higher as major averages opened Tuesday with heavy losses; they improved throughout the session, although the Dow Jones remained stuck in the red.

The Dow Jones lost 129.44 points or 0.42% to end at 30,967.82, while the NASDAQ jumped 194.39 points or 1.75% to end at 11,322.24 and the S&P 500 rose. rose 6.06 points or 0.16% to end at 3,831.39.

Growth fears trumped news that US President Joe Biden may announce a reduction in some US tariffs on Chinese imports.

Investors were also eagerly awaiting the release of minutes from the central bank’s latest policy meeting and nonfarm payrolls data, which are expected to be released later in the week.

In economic news, the Labor Department said factory orders rose more than expected in May.

Crude oil prices fell sharply on Tuesday on worries about the outlook for energy demand following a spike in Covid cases in China, while fears of Fed tightening, a strong greenback and a possible global slowdown also weighed on oil prices. West Texas Intermediate crude oil futures for August fell $8.93 or 8.2% to $99.50 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.