KOSPI Expected To Breach 2,700-Point Level On Friday

The South Korea stock market has moved higher in consecutive trading days, jumping almost 75 points or 3 percent along the way. The KOSPI now rests just beneath the 2,700-point plateau and it’s got a green light again for Friday’s trade.

The global forecast for the Asian markets is upbeat amidst upward momentum after brutal selling earlier in the week. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KOSPI finished sharply higher again on Thursday following gains from the financial shares, technology stocks and industrials.

For the day, the index climbed 35.28 points or 1.33 percent to finish at 2,694.51 after trading between 2,691.31 and 2,714.00. Volume was 535 million shares worth 11.6 trillion won. There were 596 gainers and 253 decliners.

Among the actives, Shinhan Financial advanced 1.06 percent, while KB Financial strengthened 1.76 percent, Hana Financial climbed 1.27 percent, Samsung Electronics climbed 1.14 percent, LG Electronics gained 0.80 percent, SK Hynix skyrocketed 6.44 percent, Naver spiked 4.24 percent, LG Chem surged 6.33 percent, Lotte Chemical fell 0.24 percent, S-Oil eased 0.12 percent, SK Innovation improved 1.01 percent, POSCO perked 0.18 percent, SK Telecom retreated 1.38 percent, KEPCO declined 1.62 percent, Hyundai Motor rose 0.30 percent and Kia Motors added 0.42 percent.

The lead from Wall Street ends up solidly positive as the major averages shook off early directionless trade, accelerating in the afternoon to finish near daily highs.

The Dow surged 417.66 points or 1.23 percent to finish at 34,480.76, while the NASDAQ soared 178.23 points or 1.33 percent to end at 13,614.78 and the S&P 500 climbed 53.81 points or 1.23 percent to close at 4,411.67.

The strength that emerged on Wall Street reflects recent upward momentum, with the major averages extending the rally seen over the two previous sessions. The rebound has helped lift stocks well off their recent lows but also well shy of record highs.

The markets also continued to digest the Federal Reserve’s decision to raise interest rates for the first time since December 2018 on Wednesday. The Fed raised rates by 25 basis points to 0.25 to 0.5 percent and signaled several more rate hikes are likely over the coming months.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits fell more than expected last week. Also, the Commerce Department said housing starts rebounded than expected in February.

Crude oil prices climbed higher Thursday after the International Energy Agency warned of a possible supply loss from Russia in the coming weeks due to the sanctions imposed on the country. West Texas Intermediate Crude oil futures for April ended higher by $7.94 or 8.4 percent at $102.98 a barrel.