On Tuesday, South Korean equities started trades on a largely greater level as tech giant Samsung ascended beyond 4% recently.
Samsung Electronics soared by 4.3% in its recent trades whereas its separately-listed Samsung SDI unit, which produces displays and batteries surged by 4.5%.
"It is very likely that the KOSPI would soon notch a freshrecord-high and the index could reach as high as 2,600 points bythis quarter," Stock analyst Lee Kyung-min told reports.
Samsung Electronics shares soars on estimated record third-quarter memory chip profit.
Additionally, Supermarket owner GS retail and semiconductor maker SK Hynix added by more than 4% which added to the surge of Kospi.
"South Korea's September exports were very strong again,bolstering investor expectations about record quarterly earningsfor the third quarter, especially in the tech sector," Stock analyst RhooYong-seok commented on the rise.
Monday, the stock market of South Korea has been closed due to the Hangeul Proclamation Day – a day commemorating the invention of the Korean language.
The abovementioned performances helped in the improvement of the benchmark of Seoul Kospi index. As it can be seen at the chart above, Kospi has indeed indicated an uptrend. The additional bullish candle can indicate that the index is having another bullish trend in its recent trades. It is an estimated 1.7% increase from its recent trade which is a 39.34 increase in point value.
The Relative Strength Index has been continuing a sharp uptrend recently. At 66.88, it is highly likely that it’ll reach the overbought region soon. Had it had enough bulls, it would’ve surpassed the said region.
Lastly, the Coppock curve was last seen at 2.75. The recent indication wasn’t mirroring the abovementioned performances as it stayed flat at the said region. However, it is still at the positive region so a buy would be much preferred for the stock.
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