The South Korea stock market on Tuesday snapped the two-day slide in which it had given away more than 7 points or 0.3 percent. The KOSPI now rests just above the 2,530-point plateau and it may add to its winnings on Wednesday.
The global forecast for the Asian markets is upbeat thanks to solid earnings news and a bounce in crude oil prices. The European and U.S. markets were up and the European bourses figure to follow suit.
The KOSPI finished slightly higher on Tuesday as gains from the technology stocks were capped by weakness from the financials and steel producers.
For the day, the index picked up 3.03 points or 0.12 percent to finish at 2,530.70 after trading between 2,525.96 and 2,539.88. Volume was 253 million shares worth 4.5 trillion won. There were 499 decliners and 302 gainers.
Among the actives, Samsung Electronics added 0.14 percent, while LG Electronics gained 0.76 percent, SK hynix surged 3.53 percent, LG Display spiked 4 percent, Hyundai Motor picked up 0.32 percent, Kia Motors shed 0.30 percent, Shinhan Financial shed 0.83 percent, Woori Bank skidded 1.26 percent, POSCO tumbled 1.58 percent and Hyundai Steel dropped 1.79 percent.
The lead from Wall Street is firm as stocks moved higher on Tuesday, allowing the major averages to hit new record closing highs.
The Dow climbed 160.50 points or 0.69 percent to 23,590.83, while the NASDAQ jumped 71.76 points or 1.06 percent to 6,862.48 and the S&P added 16.89 points or 0.65 percent to 2,599.03.
Upbeat earnings news also contributed to the continued strength on Wall Street as Hormel Foods (HRL) and retailer Urban Outfitters (URBN) both reported better than expected Q3 results, while Lowe's (LOW) and Campbell Soup (CPB) missed.
In economic news, the National Association of Realtors reported a much than expected jump in existing home sales in October.
Crude oil futures were slightly higher as OPEC meets next week to determine if it will extend its supply quota plan through 2018. January WTI oil gained 41 cents or 0.7 percent to $56.83/bbl.
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