(RTTNews) - The South Korean stock market was trading higher on Monday, extending its gains for the sixth straight trading session, as investor sentiment was lifted by the government’s various economic stimulus measures. At 9:18 p.m. ET, the benchmark Korea Composite Stock Price Index or KOSPI was up 17.5 points or 1.5% at 1,198.5. The key index briefly traded above the 1,200 mark for the first time in more than one month.

In currency trading, the South Korean won was quoted at 1,290.3 a U.S. dollar, down from Friday’s close of 1,290.0 a U.S. dollar.

Wall Street finished mixed on Friday as the strong upward move in early trading, on the back of a government bailout of the auto industry, lost steam over the course of the day following a steep fall in oil prices. The Dow closed down 25.9 points or 0.3% at 8,579.1, while the Nasdaq rose 12.0 points or 0.8% to 1,564.3 and the S&P 500 advanced 2.6 points or 0.3% to 887.9.

Crude oil prices rose on Monday amid speculation that OPEC’s production cuts next month and U.S. economic stimulus plans will stabilize oil prices. At 9:05 p.m. ET, the contract for delivery in February was quoted at $43.19 a barrel, up 83 cents. The January contract, which expired on Friday, plunged 6.5% to $33.87 a barrel, the lowest settlement since February 10, 2004.

In the tech space, Hynix Semiconductor slipped 0.5%, but market heavyweight Samsung Electronics climbed 1.6%, LG Display jumped 4.0%, and LG Electronics advanced 1.4%.

Automaker Hyundai Motor jumped 3.2% on the back of U.S. auto bailout plan and top steelmaker POSCO advanced 1.3%.

Financials were also higher in early trade, with Shinhan Financial Group gaining 0.9%, Woori Finance edging up 0.3%, KB Financial Group climbing 1.5%, and Mirae Assets and Securities advancing 1.8%.

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Posted in Categories: Economy, Releases, USA.

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