The South Korea stock market has climbed higher in three straight sessions, collecting more than 40 points or 1.6 percent along the way. The KOSPI now sits just above the 2,560-point plateau and it may add to its winnings again on Thursday.
The global forecast for the Asian markets suggests mild upside on improved optimism over the outlook for interest rates. European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The KOSPI finished modestly higher on Wednesday as gains from the technology stocks and automobile producers were capped by weakness from the financial sector.
For the day, the index added 9.06 points or 0.35 percent to finish at 2,561.22. Volume was 356.81 million shares worth 7.64 trillion won. There were 461 gainers and 395 decliners.
Among the actives, Shinhan Financial shed 0.56 percent, while KB Financial lost 0.57 percent, Hana Financial sank 0.63 percent, Samsung Electronics advanced 0.45 percent, Samsung SDI jumped 1.68 percent, LG Electronics rose 0.50 percent, SK Hynix gained 0.67 percent, Naver eased 0.23 percent, LG Chem soared 2.86 percent, Lotte Chemical dipped 0.45 percent, S-Oil slid 0.54 percent, SK Innovation spiked 2.27 percent, POSCO fell 0.51 percent, SK Telecom rallied 1.47 percent, KEPCO perked 0.17 percent, Hyundai Mobis improved 0.65 percent, Hyundai Motor added 0.59 percent and Kia Motors was up 0.25 percent.
The lead from Wall Street ends up positive as the major averages opened higher on Wednesday, survived some early volatility and managed to finish in the green.
The Dow added 37.57 points or 0.11 percent to finish at 34,890.24, while the NASDAQ jumped 75.55 points or 0.11 percent to close at 14,019.31 and the S&P 500 rose 17.24 points or 0.38 percent to end at 4,514.87.
The strength on Wall Street came following the release of a report from payroll processor ADP showing a notable slowdown in the pace of private sector job growth in August.
The slightly smaller than expected increase in private sector employment added to recent optimism about the outlook for interest rates.
Separately, revised data from the Commerce Department showed the U.S. economy grew less than previously estimated in the second quarter.
Crude oil prices climbed higher Wednesday after data showed a big drop in U.S. crude inventories last week. The dollar’s continued weakness and the impact of Hurricane Idalia on oil fields along Florida’s Gulf Coast also supported prices. West Texas Intermediate Crude oil futures for October rose $0.47 or 0.6 percent at $81.63 a barrel.
Closer to home, South Korea will release July numbers for industrial production and retail sales later this morning. Production is expected to sink 0.4 percent on month and 5.2 percent on year after falling 1.0 percent on month and 5.6 percent on year in June. Sales are called flat on month after rising 1.0 percent in June.
Market Analysis
Continued Support Predicted For South Korea Shares
2023-08-30 23:00:02
