The South Korea stock market bounced higher again on Thursday, one day after ending the two-day winning streak in which it had collected almost 45 points or 1.5 percent. The KOSPI now rests just above the 2,980-point plateau and it may extend its gains on Friday.
The global forecast for the Asian markets suggests lid upside, with optimism over interest rates offset by weakness from crude oil prices. The European markets were up and the U.S. markets were mixed and the Asian markets figure to split the difference.
The KOSPI finished slightly higher on Thursday following gains from the financial, chemical, technology and automobile stocks.
For the day, the index added 7.51 points or 0.25 percent to finish at 2,983.22 after trading between 2,978.07 and 3,011.56. Volume was 759 million shares worth 14.4 trillion won. There were 580 decliners and 295 gainers.
Among the actives, Shinhan Financial collected 0.26 percent, while KB Financial climbed 1.08 percent, Hana Financial gained 0.57 percent, Samsung Electronics rose 0.28 percent, LG Electronics improved 0.41 percent, SK Hynix added 0.47 percent, Naver rallied 2.24 percent, LG Chem advanced 0.77 percent, Lotte Chemical gathered 0.66 percent, S-Oil shed 0.70 percent, SK Innovation tumbled 1.64 percent, POSCO skidded 1.00 percent, KEPCO spiked 2.43 percent, Hyundai Motor accelerated 2.64 percent, Kia Motors soared 2.35 percent and SK Telecom was unchanged.
The lead from Wall Street is inconsistent as the NASDAQ and S&P 500 both opened higher and stayed that way to hit fresh record closing highs, while the Dow opened lower and remained in the red throughout the session.
The Dow shed 33.35 points or 0.09 percent to finish at 36,124.23, while the NASDAQ jumped 128.72 points or 0.81 percent to close at 15.940.31 and the S&P added 19.49 points or 0.42 percent to end at 4,680.06.
Another batch of earnings news was a driving factor as strong results from chipmaker Qualcomm (QCOM) helped to send the NASDAQ higher, while losses by Dow Inc. (DOW), Goldman Sachs (GS) and Travelers (TRV) contributed to the modest pullback by the Dow.
Traders also continued to react positively to the Federal Reserve’s latest monetary policy announcement, with the central bank announcing plans to scale back its asset purchases but signaling it won’t be in a hurry to begin raising interest rates.
In economic news, the Labor Department noted a modest decrease in first-time claims for U.S. unemployment benefits last week. Also, the Commerce Department said the U.S. trade deficit widened much more than expected in September.
Crude oil prices tumbled and settled at their lowest level in nearly a month on Thursday after OPEC decided to stick with its plan to raise oil output modestly and gradually. West Texas Intermediate Crude oil futures for December ended lower by $2.05 or 2.5 percent at $78.81 a barrel.
Closer to home, South Korea will release September figures for current account later this morning; in August, the current account surplus was $7.51 billion.
Market Analysis
Tech Shares Likely To Boost South Korea Stock Market
2021-11-04 23:03:31
