(RTTNews) - The South Korea stock market on Tuesday halted the three-day slide in which it had crashed more than 1,300 points or 15 percent. The KOSPI now sits just beneath the 8,100-point plateau although it may be stuck in neutral on Wednesday.
The global forecast for the Asian markets is negative as hostilities in the Middle East tick higher. The European and U.S. markets were mostly in the red and the Asin bourses are likely to follow that lead.
The KOSPI finished sharply higher on Tuesday following gains from the financial shares, technology stocks and chemical companies.
For the day, the index surged 612.52 points or 8.18 percent to finish at 8,096.93 after peaking at 8,119.09. Volume was 442.4 million shares worth 46 trillion won. There were 771 gainers and 133 decliners.
Among the actives, Shinhan Financial collected 4.22 percent, while KB Financial climbed 2.18 percent, Hana Financial vaulted 5.87 percent, Samsung Electronics soared 8.97 percent, Samsung SDI advanced 2.39 percent, LG Electronics cratered 7.46 percent, SK Hynix skyrocketed 15.91 percent, Naver plunged 7.89 percent, LG Chem improved 1.79 percent, Lotte Chemical jumped 3.81 percent, SK Innovation added 1.05 percent, POSCO Holdings gained 1.53 percent, SK Telecom rose 1.31 percent, KEPCO perked 0.28 percent, Hyundai Mobis tanked 2.78 percent, Kia Motors accelerated 8.52 percent and Hyundai Motor was unchanged.
The lead from Wall Street is weak as the major averages opened higher but quickly tailed off into the red, although the Dow managed to creep back above water by the end of the day.
The Dow added 86.10 points or 0.17 percent to finish at 50,872.11, while the NASDAQ slumped 250.84 points or 0.97 percent to end at 25,678.82 and the S&P 500 slipped 19.08 points or 0.26 percent to end at 7,386.65.
The notable pullback by the NASDAQ came amid renewed weakness among tech stocks, which had regained some ground on Monday following last Friday's sell-off.
Semiconductor stocks helped lead the sector lower before rebounding, with the Philadelphia Semiconductor Index tumbling by 1.9 percent, while computer hardware, networking and software stocks also moved significantly lower.
In economic news, the National Association of Realtors released a report showing existing home sales in the U.S. spiked by much more than anticipated in the month of May.
Crude oil prices plunged on Tuesday after Israel and Iran halted their exchange of attacks. West Texas Intermediate crude for July delivery was down $3.11 or 3.41 percent at $88.19 per barrel.
However, sentiment took a hit after the markets closed as the U.S. launched a fresh attack on Iran in response to the loss of a helicopter over the Strait of Hormuz.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
