The South Korean stock market rebounded on Monday, recovering after a brief dip that ended a two-day streak during which it gained over 25 points or 1 percent. The KOSPI currently hovers above the 2,740 mark and is expected to rise again on Tuesday. The global outlook for Asian markets is cautiously optimistic, particularly in the technology sector. European markets were up, while U.S. markets were mixed, but generally pointed to an upward opening for Asian markets.
On Monday, the KOSPI saw modest gains, buoyed by financial and industrial sectors, despite mixed performance in technology stocks. The index rose by 17.52 points, or 0.64 percent, closing at 2,742.14, with an intraday range between 2,734.64 and 2,756.41. Trading volume was impressive at 572.2 million shares, valued at 12.1 trillion won. The market saw 474 decliners against 402 gainers. Key active movers included Shinhan Financial, soaring 2.73 percent; KB Financial, up 1.87 percent; and Hana Financial, rallying 1.90 percent. Technology giant Samsung Electronics added 1.94 percent, though Samsung SDI fell 1.62 percent and LG Electronics dipped 0.41 percent. Other notable performers in the sector included SK Hynix (up 0.11 percent) and Naver (down 1.76 percent). LG Chem dropped 1.63 percent, but Lotte Chemical strengthened by 2.10 percent, S-Oil surged 2.91 percent, and SK Innovation rose 0.37 percent. POSCO improved 0.75 percent, SK Telecom rose 0.39 percent, KEPCO climbed 1.01 percent, Hyundai Mobis increased by 0.22 percent, Hyundai Motor accelerated 2.66 percent, and Kia Motors spiked 1.95 percent.
Meanwhile, Wall Street presented an inconsistent lead, with the major averages mixed both at the start and the end of Monday's session. The Dow fell by 196.82 points, or 0.49 percent, closing at 39,806.77. In contrast, the NASDAQ rose by 108.91 points, or 0.65 percent, to close at a record high of 16,794.88, while the S&P 500 edged up by 4.86 points, or 0.09 percent, to end at 5,308.13.
The NASDAQ's advance was driven by strength in the tech sector, particularly semiconductor stocks, with the Philadelphia Semiconductor Index climbing by 2.2 percent to a two-month closing high. Gold stocks also exhibited notable strength as the price of the precious metal hit a new record high, while banking and telecom stocks underperformed. The Dow’s decline was attributed to profit-taking after it closed above the 40,000-point mark for the first time on Friday.
Oil prices declined on Monday, hampered by concerns that the Federal Reserve might maintain higher interest rates for an extended period. West Texas Intermediate Crude oil futures dipped to around $79.80, dropping $0.26 from the previous close.