The South Korea stock market rebounded hard on Tuesday, one day after halting the four-day winning streak in which it had jumped more than 270 points or 5.5 percent. Now at a fresh record closing high, the KOSPI sits just beneath the 5,290-point plateau may head south again on Wednesday.
The global forecast for the Asian markets is negative, with technology stocks expected to lead the markets lower. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.
The KOSPI finished sharply higher on Tuesday with gains across the board following the heavy selloff a day earlier, especially among the financials and technology stocks.
For the day, the index skyrocketed 338.41 points or 6.84 percent to finish at the daily high of 5,288.08 after trading as low as 5,101.31. Volume was 666.5 million shares worth 29.3 trillion won. There were 825 gainers and 75 decliners.
Among the actives, Shinhan Financial jumped 6.67 percent, while KB Financial collected 3.81 percent, Hana Financial vaulted 6.68 percent, Samsung Electronics skyrocketed 11.37 percent, Samsung SDI strengthened 5.20 percent, LG Electronics climbed 3.83 percent, SK Hynix surged 9.28 percent, Naver rose 0.37 percent, LG Chem advanced 3.37 percent, Lotte Chemical expanded 4.53 percent, SK Innovation improved 2.43 percent, POSCO Holdings soared 4.54 percent, SK Telecom surged 6.51 percent, KEPCO increased 3.84 percent, Hyundai Mobis gained 1.95 percent, Hyundai Motor accelerated 2.82 percent and Kia Motors rallied 2.60 percent.
The lead from Wall Street is soft as the major averages opened mixed on Tuesday but quickly turned lower and spent the rest of the day largely under water.
The Dow dropped 166.67 points or 0.34 percent to finish at 49,240.99, while the NASDAQ tumbled 336.92 points or 1.43 percent to close at 23,255.19 and the S&P 500 sank 58.63 points or 0.84 percent to end at 6,917.81.
The weakness on Wall Street was largely due to a rotation out of technology stocks, as reflected by the steep drop by the NASDAQ.
The U.S. Software Index slumped to its lowest closing level in over nine months, while substantial weakness was also visible among semiconductor stocks.
Gold stocks also saw considerable strength amid a significant rebound by the price of the precious metal. Steel, energy and housing stocks also moved notably higher on the day, helping to limit the downside for the broader markets.
Crude oil prices surged on Tuesday as the U.S. dollar index moved lower, while news of the U.S.-India trade agreement has led to anticipation of a spur in energy demand. West Texas Intermediate crude for March delivery was up $1.10 or 1.77 percent at $63.24 per barrel.
Market Analysis
Tech Shares May Weigh On South Korea Stock Market
2026-02-03 22:59:57
