The South Korea stock market has finished higher in three straight sessions, gathering almost 20 points or 0.6 percent along the way. The KOSPI now rests just above the 3,240-point plateau and it may extend its winning streak on Friday.
The global forecast for the Asian markets is firm, supported by crude oil and optimism over interest rates. The European and U.S. markets were up and the Asian markets are tipped to follow suit.
The KOSPI finished slightly higher again on Thursday following mixed performances from the financial shares, technology stocks and industrial issues.
For the day, the index added 5.79 points or 0.18 percent to finish at 3,242.65 after trading between 3,232.50 and 3,252.26. Volume was 682 million shares worth 10.3 trillion won. There were 518 gainers and 299 decliners.
Among the actives, Shinhan Financial gained 0.88 percent, while KB Financial collected 0.19 percent, Hana Financial eased 0.11 percent, Samsung Electronics shed 0.25 percent, LG Electronics jumped 1.52 percent, Samsung SDI advanced 0.79 percent, Naver lost 0.57 percent, Lotte Chemical retreated 1.67 percent, SK Innovation dropped 0.96 percent, POSCO tanked 2.31 percent, SK Telecom added 0.48 percent, KEPCO rose 0.40 percent, Hyundai Motor dipped 0.22 percent, Kia Motors increased 0.23 percent and SK Hynix, LG Chem and S-Oil were unchanged.
The lead from Wall Street is positive as the major averages opened higher on Thursday and remained in the green throughout the session.
The Dow jumped 153.60 points or 0.44 percent to finish at 35,084.53, while the NASDAQ rose 15.68 points or 0.11 percent to end at 14,778.26 and the S&P 500 added 18.51 points or 0.42 percent to close at 4,419.15.
The strength on Wall Street came despite some disappointing U.S. economic data, including a Commerce Department report showing economic growth fell well short of estimates in Q2.
The weaker than expected data may have added to optimism the Federal Reserve will not be in a hurry to begin scaling back its asset purchases.
Also, the Labor Department noted a modest pullback in initial jobless claims last week, while the National Association of Realtors reported an unexpected fall in pending home sales in June.
Crude oil futures settled higher Thursday as data showing a drop in U.S. crude inventories continued to support oil prices – while a weak dollar also contributed. West Texas Intermediate Crude oil futures for September ended up $1.23 or 1.7 percent at $73.62 a barrel.
Closer to home, South Korea will release June figures for industrial production and retail sales later this morning. In May, industrial production was down 0.7 percent on month and up 15.6 percent on year, while retail sales were down 1.8 percent on month and up 3.1 percent on year.
Market Analysis
South Korea Stock Market Poised To Add To Its Winnings
2021-07-29 23:00:14
