South Korea Bourse May Add To Its Winnings On Friday

The South Korea stock market has finished higher in four straight sessions, collecting almost 100 points or 4 percent along the way. The KOSPI now rests just shy of the 2,470-point plateau and it’s tipped to open in the green again on Friday.

The global forecast for the Asian markets is upbeat after solid economic data helped to allay fears of an economic slowdown. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

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

For the day, the index improved 40.08 points or 1.65 percent to finish at 2,468.65. Volume was 476.2 million shares worth 8.1 trillion won. There were 620 gainers and 249 decliners.

Among the actives, Shinhan Financial jumped 1.93 percent, while KB Financial collected 0.68 percent, Hana Financial strengthened 1.34 percent, Samsung Electronics improved 0.79 percent, LG Electronics advanced 1,35 percent, SK Hynix climbed 0.98 percent, Naver gained 0.99 percent, LG Chem surged 5.06 percent, Lotte Chemical slid 0.33 percent, S-Oil sank 0.79 percent, SK Innovation accelerated 1.80 percent, POSCO rallied 3.63 percent, SK Telecom added 0.54 percent, Hyundai Mobis spiked3.29 percent, Hyundai Motor soared 5.55 percent, Kia Motors skyrocketed 6.62 percent and KEPCO was unchanged.

The lead from Wall Street is positive as the major averages shook off early volatility, moving solidly higher as the day progressed to end near session highs.

The Dow jumped 205.57 points or 0.61 percent to finish at 33,949.41, while the NASDAQ spiked 199.06 points or 1.76 percent to end at 11,512.41 and the S&P 500 climbed 44.21 points or 1.10 percent to close at 4,060.43.

The strength on Wall Street came following the release of some upbeat U.S. economic data, including a Commerce Department report showing U.S. economic activity surged by more than expected in the fourth quarter of 2022.

Also, the Labor Department also said initial jobless claims unexpectedly dipped to a nine-month low last week, while the Commerce Department noted a spike in durable goods orders and a continued increase in new home sales.

The data paints a relatively positive picture of the economy but has also raised concerns about the outlook for interest rates ahead of next week’s Federal Reserve meeting.

Crude oil prices showed a strong move to the upside on Thursday, benefitting from optimism about the outlook for demand following the release of upbeat U.S. economic data. West Texas Intermediate Crude for March delivery jumped $0.86 or 1.1 percent to $81.01 a barrel.

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