The South Korea stock market on Thursday wrote a finish to the three-day winning streak in which it had advanced nearly 80 points or 2.5 percent. The KOSPI now rests just above the 3,275-point plateau and it figures to bounce higher again on Friday.
The global forecast for the Asian markets is upbeat, with support expected from oil and technology stocks in particular. The European markets were mixed and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.
The KOSPI finished slightly lower on Thursday following losses from the financial shares and industrials, while the technology stocks were mixed.
For the day, the index dipped 4.25 points or 0.13 percent to finish at 3,276.13 after trading between 3,273.33 and 3,296.17. Volume was 671 million shares worth 11.7 trillion won. There were 518 gainers and 308 decliners.
Among the actives, Shinhan Financial lost 0.90 percent, while KB Financial skidded 1.33 percent, Hana Financial retreated 1.48 percent, Samsung Electronics dropped 0.97 percent, LG Electronics tumbled 1.25 percent, SK Hynix sank 0.83 percent, Samsung SDI soared 3.49 percent, Naver rallied 2.19 percent, LG Chem rose 0.12 percent, Lotte Chemical declined 0.56 percent, S-Oil rose 0.20 percent, SK Innovation tanked 2.05 percent, POSCO fell 0.72 percent, KEPCO slid 0.39 percent, Hyundai Motor shed 0.89 percent, Kia Motors surrendered 1.49 percent and SK Telecom was unchanged.
The lead from Wall Street is solid as the major averages opened firmly in the green and stayed there throughout the session.
The Dow jumped 271.58 points or 0.78 percent to finish at 35,064.25, while the NASDAQ climbed 114.58 points or 0.78 percent to close at 14,895.12 and the S&P 500 perked 26.44 points or 0.60 percent to end at 4,429.10.
The strength on Wall Street followed the Labor Department report showing a modest decrease in first-time claims for U.S. unemployment benefits last week, sparking optimism ahead of the closely-watched monthly job report later today.
Also, the Commerce Department said the U.S. trade deficit widened more than expected in June, reaching a new record high.
Crude oil prices rebounded Thursday, regaining ground after moving sharply lower over the three previous sessions. After plummeting by 7.8 percent so far this week, crude for September delivery advanced $0.94 or 1.4 percent to $69.09 a barrel.
Market Analysis
Renewed Support Anticipated For South Korea Shares
2021-08-05 23:00:14
