South Korea Bourse May Test Resistance At 2,100 Points

(RTTNews) - The South Korea stock market on Monday ended the four-day slide in which it had tumbled more than 40 points or 2 percent. The KOSPI now rests just above the 2,080-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets is upbeat on surging crude oil prices and global trade optimism. The European and U.S. markets were up and the Asian markets are tipped to follow suit.

The KOSPI finished sharply higher on Monday following gains from the technology stocks and automobile producers, while the financials came in mixed.

For the day, the index advanced 25.54 points or 1.24 percent to finish at 2,083.02 after trading between 2,060.17 and 2,083.96.

Among the actives, Samsung Electronics added 0.47 percent, while LG Electronics spiked 2.59 percent, SK Hynix advanced 2.31 percent, Shinhan Financial eased 0.12 percent, KB Financial jumped 1.60 percent, Woori Bank dropped 1.56 percent, Hana Financial collected 1.04 percent, SK Telecom skidded 1.58 percent, KEPCO soared 6.16 percent, POSCO plunged 3.04 percent, Hyundai Motor climbed 1.49 percent and Kia Motors surged 3.42 percent.

The lead from Wall Street is broadly positive and stocks opened sharply higher on Monday and remained in the green throughout the session, offsetting last week's selloff.

The Dow jumped 354.29 points or 1.46 percent to 24,640.24, while the NASDAQ soared 142.87 points or 2.06 percent to 7,081.85 and the S&P climbed 40.89 points or 1.55 percent to 2,673.45.

The rebound on Wall Street came as traders looked to pick up stocks at reduced levels on the heels of recent weakness.

Traders are also looking ahead to a meeting between President Donald Trump and Chinese President Xi Jinping later this week. Trump and Xi are due to meet at the G20 summit in Buenos Aires, Argentina, beginning on Friday - looking for signs of progress on a potential trade deal.

Crude oil prices rebounded on Monday on hopes OPEC members will cut production to prevent a supply glut in the market. U.S. West Texas Intermediate crude futures for January ended up $1.21 or 2.4 percent at $51.63 a barrel.