Win Streak May Continue For South Korea Shares

The South Korea stock market has moved higher in three straight sessions, collecting more than 40 points or 1.7 percent along the way. The KOSPI now rests just beneath the 2,455-point plateau and it’s tipped to open in the green again on Friday.

The global forecast for the Asian markets is positive on easing concerns over the health of the banking sector. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The KOSPI finished modestly higher on Thursday following gains from the energy companies and mixed performances from the financials, industrials and technology stocks.

For the day, the index added 9.24 points or 0.38 percent to finish at 2,453.16 after trading between 2,439.43 and 2,462.70. Volume was 579 million shares worth 10.3 trillion won. There were 594 gainers and 276 decliners.

Among the actives, Shinhan Financial tumbled 1.96 percent, while KB Financial sank 0.74 percent, Hana Financial fell 0.37 percent, Samsung Electronics advanced 0.80 percent, Samsung SDI slumped 1.90 percent, LG Electronics lost 0.53 percent, SK Hynix rallied 2.54 percent, Naver gained 0.95 percent, LG Chem retreated 1.28 percent, Lotte Chemical spiked 2.61 percent, S-Oil improved 0.89 percent, SK Innovation skyrocketed 13.80 percent, POSCO perked 0.74 percent, SK Telecom shed 0.46 percent, KEPCO climbed 1.18 percent, Hyundai Mobis skidded 1.16 percent, Hyundai Motor rose 0.44 percent and Kia Motors eased 0.13 percent.

The lead from Wall Street is upbeat as the major averages opened sharply higher on Thursday, faded as the day progressed but still ended well in positive territory.

The Dow jumped 141.43 points or 0.43 percent to finish at 32,859.03, while the NASDAQ gained 87.24 points or 0.73 percent to close at 12,013.47 and the S&P 500 added 23.02 points or 0.57 percent to end at 4,050.83.

The continued strength on Wall Street came as concerns about turmoil in the banking sector continued to ease after sparking substantial volatility on Wall Street in recent weeks.

Traders also looked ahead to today’s report on personal income and spending, which includes a reading on inflation said to be preferred by the Federal Reserve and could have an impact on the outlook for interest rates.

In economic news, the Labor Department noted a modest increase in first-time claims for U.S. unemployment benefits last week. Also, the Commerce Department said the U.S. economy grew slightly less than estimated in Q4 of 2022.

Crude oil prices rose sharply Thursday on easing concerns over turmoil in the banking sector and supply disruptions in Turkey. West Texas Intermediate Crude oil futures for May ended higher by $1.40 or 1.9 percent at $74.37 a barrel.

Closer to home, South Korea will provide February numbers for industrial production and retail sales later today. Production is expected to sink 0.5 percent on month and 8.3 percent on year after rising 2.9 percent on month and sinking 12.7 percent on year in January. Retail sales were down 2.1 percent on month in January.