South Korea Market May Find Traction On Tuesday

(RTTNews) - The South Korea stock market has ticked lower in back-to-back sessions, giving away more than 20 points or 1 percent along the way. The KOSPI now rests just above the 2,085-point plateau, and the market may stop the bleeding on Tuesday.

The global forecast for the Asian markets is cautiously optimistic thanks to mixed economic data and stagnant crude oil prices. The European markets were flat but little changed and the U.S. markets were slightly higher - and the Asian markets figure to follow the latter lead.

The KOSPI finished modestly lower on Monday as losses from the financial shares and technology stocks were mitigated by support from the automobile producers.

For the day, the index shed 8.60 points or 0.41 percent to finish at 2,085.52 after trading between 2,084.08 and 2,097.24. Volume was 333.52 million shares worth 4.08 trillion won. There were 466 decliners and 326 gainers.

Among the actives, Shinhan Financial tumbled 2.14 percent, while Woori Bank plummeted 2.95 percent, S-Oil climbed 0.95 percent, LG Electronics plunged 5.90 percent, Samsung Electronics lost 0.42 percent, SK hynix skidded 3.16 percent, Hyundai Motor added 0.34 percent, Kia Motors picked up 0.39 percent and POSCO was unchanged.

The lead from Wall Street suggests mild upside as stocks ticked slightly higher on Monday as the Dow and the S&P 500 again hit fresh record closing highs.

The Dow crept up 15.68 points or 0.1 percent to 20,837.44, while the NASDAQ rose 16.59 points or 0.3 percent to 5,861.90 and the S&P added 2.39 points or 0.1 percent to 2,369.73.

Profit taking contributed to early weakness on Wall Street following recent strength, but selling pressure remained relatively subdued.

In economic news, the Commerce Department reported a rebound in durable goods orders in January. But the National Association of Realtors noted a steep drop in pending home sales in January.

Crude oil futures were slightly higher Monday, holding near yearly highs amid a tug of war on oil supplies between OPEC and the U.S. WTI light sweet crude oil was up $0.06 at $54.05/barrel.