The South Korea stock market on Thursday ended the three-day losing streak in which it had plummeted more than 150 points or 5 percent. The KOSPI now rests just beneath the 2,960-point plateau and it may add to its winnings on Friday.
The global forecast for the Asian markets is broadly positive on a U.S. debt limit agreement, upbeat economic news and a spike in crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.
The KOSPI finished sharply higher on Thursday following gains from the financial shares, technology stocks and automobile producers.
For the day, the index soared 51.15 points or 1.76 percent to finish at 2,959.46 after trading between 2,927.60 and 2,961.53. Volume was 586 million shares worth 11.7 trillion won. There were 817 gainers and 84 decliners.
Among the actives, Shinhan Financial climbed 1,53 percent, while KB Financial jumped 2.95 percent, Hana Financial collected 1.22 percent, Samsung Electronics rose 0.42 percent, LG Electronics rallied 3.33 percent, SK Hynix sank 0.83 percent, Naver soared 5.50 percent, LG Chem dropped 0.81 percent, Lotte Chemical gained 0.42 percent, S-Oil plunged 3.14 percent, SK Innovation retreated 1.37 percent, POSCO perked 0.79 percent, SK Telecom improved 0.32 percent, KEPCO added 0.44 percent, Hyundai Motor spiked 3.61 percent and Kia Motors surged 6.83 percent.
The lead from Wall Street is solid as the major averages opened higher on Thursday and remained that way throughout the trading day.
The Dow surged 337.95 points or 0.98 percent to finish at 34,754.94, while the NASDAQ jumped 152.10 points or 1.05 percent to close at 14,654.02 and the S&P 500 gained 36.21 points or 0.83 percent to end at 4,399.76.
The rally on Wall Street came as lawmakers reached an agreement to temporarily extend the debt limit, avoiding a potential default. The agreement would reportedly increase the debt limit by $480 billion, allowing the Treasury to continuing paying its bills through December 3.
Adding to the positive sentiment, a report from the Labor Department showed a bigger than expected pullback in first-time claims for U.S. unemployment benefits last week.
Crude oil prices advanced Thursday, rebounding from losses in the previous session, on reports the U.S. Energy Department is unlikely to tap the nation’s Strategic Petroleum Reserve. West Texas Intermediate Crude oil futures for November ended up $0.87 or 1.1 percent at $78.30 a barrel.
Market Analysis
Additional Support Anticipated For South Korea Stock Market
2021-10-07 23:00:18
