(RTTNews) – The South Korea stock market has climbed higher in back-to-back trading days, collecting more than 30 points or 1.3 percent along the way. The KOSPI now rests just above the 2,400-point plateau although investors may lock in gains on Wednesday.
The global forecast for the Asian markets is soft, with oil and technology stocks expected to drag the markets lower. The European and U.S. bourses were firmly lower and the Asian markets are tipped to follow that lead.
The KOSPI closed higher on Tuesday as gains in tech stocks were limited by weakness in financial and chemical companies.
For the day, the index recovered 17. 69 issues or 0. 74% to end at 2,401. 91 after trading between 2,391. 43 and 2,407. 56. The volume of 966 million shares is worth 17 trillion won. There were 528 rejections and 313 winners.
Wall Street’s lead is generally negative, as stocks opened sharply lower and were solidly in the red throughout the session.
The Dow Jones fell 632. 42 issues or 2. 25% to end at 27,500. 89, while the NASDAQ fell 465. 44 issues or 4. 11% to end at 10,847. 69 and the S&P 500 fell. of 95. 12 issues or 2. 78% to close at 3,331. 84.
The weakness on Wall Street came as investors continued to take advantage of recent market strength, with the NASDAQ and S&P 500 falling further from all-time highs. Tech stocks contributed to the slide as Facebook (FB), Amazon (AMZN), Microsoft (MSFT) and Apple (AAPL) suffered heavy losses.
Energy stocks were also affected as crude oil futures stabilized for nearly 3 months on Tuesday, as costs fell sharply amid renewed fears about the energy outlook due to emerging tensions between the United States and the United States. China, a stronger dollar and a strong one in the cases of coronavirus in Europe.
Closer to home, South Korea will release unemployment figures for August later this morning; in July, the unemployment rate 4. 2%.