South Korea Shares Predicted To Snap Losing Streak

The South Korea stock market has moved lower in three straight sessions, sinking almost 130 points or 4.2 percent along the way. The KOSPI now sits just above the 3,120-point plateau although it’s due for support on Friday.

The global forecast for the Asian markets is positive, with bargain hunting expected particularly among the technology stocks. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The KOSPI finished sharply lower on Thursday following losses from the technology stocks and oil and chemical companies, while the financials offered support.

For the day, the index retreated 39.55 points or 1.25 percent to finish at 3,122.11 after trading between 3,103.88 and 3,161.93. Volume was 1.1 billion shares worth 20.7 trillion won. There were 642 decliners and 234 gainers.

Among the actives, Shinhan Financial jumped 1.59 percent, while KB Financial collected 0.68 percent, Hana Financial soared 2.52 percent, Samsung Electronics tumbled 1.88 percent, LG Electronics gained 0.68 percent, SK Hynix retreated 1.67 percent, Samsung SDI plummeted 4.90 percent, Naver surrendered 1.60 percent, LG Chem declined 1.51 percent, Lotte Chemical dropped 1.57 percent, S-Oil skidded 1.24 percent, SK Innovation plunged 3.19 percent, POSCO tanked 3.88 percent, SK Telecom gained 0.81 percent, KEPCO lost 0.63 percent, Hyundai Motor advanced 0.88 percent and Kia Motors fell 1.56 percent.

The lead from Wall Street is firm as stocks opened higher on Thursday and remained solidly in the green throughout the trading day.

The Dow surged 433.79 points or 1.29 percent to finish at 34,021.45, while the NASDAQ advanced 93.31 points or 0.72 percent to end at 13,124.99 and the S&P 500 climbed 49.46 points or 1.22 percent to close at 4,112.50.

The rally on Wall Street came as investors scooped up bargains following heavy losses in recent sessions, which were driven by inflation concerns.

In economic news, the Labor Department said producer prices increased more than expected in April. The Labor Department also said first-time claims for U.S. unemployment benefits fell more than expected last week.

Crude oil prices declined sharply on Thursday, weighed down by rising worries about outlook for energy demand and on news that Colonial Pipeline has resumed operations at its facilities. West Texas Intermediate Crude oil futures for June ended down by $2.26 or 3.4 percent at $63.82 a barrel, a two-week low.