The South Korean stock market has experienced a downturn for five consecutive sessions, shedding nearly 150 points or 5.5 percent during this period. The KOSPI Index now stands slightly above the 2,535-point mark, with indications it might finally halt its decline on Tuesday. The global market outlook is optimistic, driven by anticipated bargain hunting and positive expectations regarding interest rates. Both European and U.S. markets saw solid gains, setting a similar positive tone for Asian markets. On Monday, the KOSPI closed marginally lower, influenced by declines in financial stocks and mixed outcomes in the technology and industrial sectors. Specifically, the index dipped 8.35 points or 0.33 percent to close at 2,535.93, fluctuating within a range of 2,491.30 to 2,543.22. Market volume amounted to 262.46 million shares, valued at 7.3 trillion won, with 502 stocks advancing and 371 declining. Key performance metrics included Shinhan Financial dropping 1.75 percent, KB Financial falling 1.20 percent, Hana Financial decreasing 2.70 percent, while Samsung Electronics rose 2.58 percent, and Samsung SDI saw a modest increase of 0.29 percent. Other notable shifts included LG Electronics falling 2.02 percent and SK Hynix gaining 0.38 percent, among others.Wall Street provided an encouraging lead, with major indices opening higher on Monday and maintaining positive momentum throughout the day.The Dow Jones Industrial Average surged by 484.18 points or 1.20 percent to close at 40,829.59. Meanwhile, the NASDAQ Composite Index gained 193.77 points or 1.16 percent to finish at 16,884.60, and the S&P 500 Index increased by 62.63 points or 1.16 percent to end at 5,471.05.This rally was attributed to traders seeking to buy stocks at reduced prices following a significant drop last week that had pushed the NASDAQ to its lowest level in almost a month.Additionally, optimism regarding a potential interest rate cut by the Federal Reserve later this month bolstered Wall Street’s performance, despite persistent concerns about the U.S. economic outlook.According to CME Group’s FedWatch Tool, there is currently a 73 percent probability that the Federal Reserve will lower rates by 25 basis points and a 29 percent likelihood of a 50 basis point cut.Oil prices also increased on Monday due to potential weather-related production disruptions in the Gulf of Mexico and OPEC’s decision to postpone a production boost that was initially planned for October. West Texas Intermediate Crude oil futures for October delivery rose by $1.04 or 1.54 percent, closing at $68.71 per barrel.The material has been provided by InstaForex Company – www.instaforex.com
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