Overbought KOSPI Tipped To Open In The Green

(RTTNews) - The South Korea stock market has finished higher in three straight sessions, advancing almost 850 points or 10 percent in that span. Now at a fresh record closing high, the KOSPI now sits just beneath the 8,050-point plateau and it may tick higher again on Wednesday.

The global forecast for the Asian markets is mixed to higher, thanks to support from technology stocks and easing crude oil prices. The European and U.S. markets were mixed and the Asian bourses are expected to follow suit.

The KOSPI finished sharply higher again on Tuesday following gains from the technology stocks and automobile producers, while the financials were soft and the chemicals were mixed.

For the day, the index soared 199.90 points or 2.55 percent to finish at 8,047.51 after trading between 8,008.19 and 8,131.15. Volume was 514.3 million shares worth 39.1 trillion won. There were 653 decliners and 234 gainers.

Among the actives, Shinhan Financial tanked 2.24 percent, while KB Financial retreated 1.69 percent, Hana Financial tumbled 1.72 percent, Samsung Electronics vaulted 2.22 percent, Samsung SDI sank 0.77 percent, LG Electronics climbed 1.05 percent, SK Hynix rallied 5.72 percent, Naver declined 1.48 percent, LG Chem contracted 1.47 percent, Lotte Chemical improved 0.72 percent, SK Innovation stumbled 1.62 percent, POSCO Holdings dropped 0.79 percent, SK Telecom shed 0.68 percent, KEPCO jumped 1.89 percent, Hyundai Mobis spiked 2.79 percent, Hyundai Motor accelerated 5.19 percent and Kia Motors climbed 1.33 percent.

The lead from Wall Street lacks clarity as the major averages opened higher, although the Dow quickly fell into the red and stayed that was for the balance of the session.

The Dow slumped 118.02 points or 0.23 percent to finish at 50,461.68, while the NASDAQ jumped 312.21 points or 1.19 percent to close at 26,656.18 and the S&P 500 gained 45.65 points or 0.61 percent to end at 7,519.12.

The jump by the tech-heavy NASDAQ came amid a sharp increase by shares of Micron Technology (MU) after UBS dramatically increased its price target on the company's stock.

Semiconductor stocks showed a substantial move to the upside, driving the Philadelphia Semiconductor Index up by 5.5 percent to a record closing high. Considerable strength was also visible among airline stocks,

In U.S. economic news, a report released by the Conference Board showed a modest deterioration in consumer confidence in the month of May.

Crude oil prices tumbled on Tuesday on optimism that a U.S.-Iran peace deal could soon lead to the reopening of the Strait of Hormuz. West Texas Intermediate crude for July delivery was down $2.72 or 2.82 percent at $93.88 per barrel.