The South Korea stock market has moved higher in four straight sessions, collecting almost 40 points or 1.6 percent along the way. The KOSPI now rests just above the 2,515-point plateau and it’s tipped to open in the green again on Friday.
The global forecast for the Asian markets is upbeat on optimism over the U.S. debt ceiling situation. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The KOSPI finished modestly higher on Thursday following gains from the financial shares, technology stocks and automobile producers.
For the day, the index gained 20.74 points or 0.83 percent to finish at the daily high of 2,515.40 after trading as low as 2,500.01. Volume was 558.3 million shares worth 7.64 trillion won. There were 579 gainers and 271 decliners.
Among the actives, Shinhan Financial collected 0.87 percent, while KB Financial strengthened 1.33 percent, Hana Financial improved 1.45 percent, Samsung Electronics jumped 1.85 percent, Samsung SDI was up 0.14 percent, LG Electronics and Hyundai Motor both advanced 0.98 percent, SK Hynix spiked 1.85 percent, Naver fell 0.23 percent, Lotte Chemical added 0.62 percent, S-Oil rallied 1.50 percent, SK Innovation rose 0.16 percent, POSCO perked 0.81 percent, SK Telecom increased 1.22 percent, KEPCO retreated 1.36 percent, Hyundai Mobis rallied 2.69 percent, Kia Motors soared 2.04 percent and LG Chem was unchanged.
The lead from Wall Street is upbeat as the major averages shook off a flat open on Thursday, bounced up and down throughout the session before ending firmly higher.
The Dow climbed 115.14 points or 0.34 percent to finish at 33,535.91, while the NASDAQ surged 188.27 points or 1.51 percent to end at 12,688.84 and the S&P 500 added 39.28 points or 0.94 percent to close at 4,198.05.
Optimism lawmakers will eventually reach an agreement on raising the U.S. debt ceiling contributed to the continued strength on Wall Street.
Following a meeting earlier in the week, President Joe Biden and House Speaker Kevin McCarthy, R-Calif., both expressed optimism a deal will be reached.
In economic news, the Labor Department said first-time claims for U.S. unemployment benefits fell more than expected last week. The National Association of Realtors also released a report unexpectedly showing a steep drop in U.S. existing home sales in April.
Crude oil prices drifted lower on Thursday amid concerns about the outlook for demand after recent data showed an increase in U.S. crude inventories last week, while a strong dollar weighed as well on oil prices. West Texas Intermediate crude oil futures for June ended lower by $0.97 or 1.3 percent at $71.86 a barrel.
Market Analysis
Win Streak May Continue For South Korea Shares
2023-05-18 22:59:48
