The South Korea stock market on Thursday halted the four-day losing streak in which it had stumbled almost 70 points or 2.2 percent. The KOSPI now rests just above the 3,250-point plateau and it may tick higher again on Friday.
The global forecast for the Asian markets is upbeat as they continue to recover from recent selling, supported mainly by crude oil prices. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.
The KOSPI finished sharply higher on Thursday following gains from the financial shares, technology stocks and oil companies.
For the day, the index climbed 34.30 points or 1.07 percent to finish at 3,250.21 after trading between 3,235.17 and 3,253.75. Volume was 701 million shares worth 12.8 trillion won. There were 537 gainers and 289 decliners.
Among the actives, Shinhan Financial collected 2.40 percent, while KB Financial advanced 2.37 percent, Hana Financial accelerated 4.03 percent, Samsung Electronics climbed 1.53 percent, LG Electronics was up 0.61 percent, SK Hynix rallied 2.14 percent, Naver spiked 2.80 percent, LG Chem jumped 1.98 percent, Lotte Chemical retreated 1.28 percent, S-Oil improved 2.33 percent, SK Innovation increased 0.58 percent, POSCO soared 4.69 percent, SK Telecom dropped 0.80 percent, KEPCO shed 0.59 percent, Hyundai Motor rose 0.22 percent and Kia Motors added 0.34 percent.
The lead from Wall Street is positive as the major averages opened mixed on Thursday but all headed higher in the afternoon and finished in the green.
The Dow added 25.35 points or 0.07 percent to finish at 34,823.35, while the NASDAQ gained 52.64 points or 0.36 percent to end at 14,684.60 and the S&P 500 rose 8.79 points or 0.20 percent to close at 4,367.48.
The modestly higher close on Wall Street reflected recent upward momentum as stocks continued to recover from the sell-off on Monday. However, traders seemed reluctant to make significant moves following the recent volatility.
In economic news, the Labor Department reported an unexpected increase in initial jobless claims last week. Also, the National Association of Realtors said existing home sales rebounded in June following four straight monthly declines.
Crude oil futures settled higher on Thursday, gaining for a third successive day, thanks to reports showing strong gasoline demand and a rebound in distillate fuels. West Texas Intermediate crude oil futures for September ended up $1.61 or 2.3 percent at $71.91 a barrel.
South Korea Stock Market May See Continued Support
2021-07-22 23:00:09
