KOSPI May Challenge Resistance At 3,300 Points

The South Korea stock market has finished higher in three straight sessions, collecting more than 45 points or 1.4 percent to a fresh record closing high. The KOSPI now sits just above the 3,285-point plateau and it’s expected to extend its gains on Friday.

The global forecast for the Asian markets is positive on renewed optimism for economic recovery. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KOSPI finished modestly higher on Thursday following gains from the financial shares and technology stocks, while the chemical companies were mixed.

For the day, the index improved 9.91 points or 0.30 percent to finish at 3,286.10 after trading between 3,277.85 and 3,292.27. Volume was 1.3 billion shares worth 21.1 trillion won. There were 428 gainers and 411 decliners.

Among the actives, Shinhan Financial gathered 1.12 percent, while KB Financial collected 1.08 percent, Hana Financial rallied 1.89 percent, Samsung Electronics climbed 1.37 percent, LG Electronics soared 4.13 percent, SK Hynix jumped 1.61 percent, Naver dropped 0.94 percent, LG Chem shed 0.48 percent, Lotte Chemical improved 0.77 percent, S-Oil lost 0.49 percent, SK Innovation spiked 3.35 percent, POSCO perked 3.40 percent, SK Telecom rose 0.31 percent, KEPCO advance 0.81 percent, Kia Motors was up 0.44 percent and Hyundai Motor was unchanged.

The lead from Wall Street is firm as stocks opened solidly higher on Friday and remained comfortably in the green throughout the session.

The Dow spiked 322.58 points or 0.95 percent to finish at 34,196.82, while the NASDAQ jumped 97.98 points or 0.69 percent to end at 14,369.71 and the S&P 500 gained 24.65 points or 0.58 percent to close at 4,266.49.

The strength on Wall Street reflected a resumption of the upward momentum seen earlier in the week, which helped lift the Dow well off its lowest levels in over two months.

Positive sentiment may also have been generated in reaction to a Labor Department report showing a modest decrease in first-time claims for U.S. unemployment benefits last week.

News that President Joe Biden and a bipartisan group of Senators have reached an agreement on a new infrastructure plan may also have helped support the markets.

Crude oil futures settled slightly higher Thursday, continuing to benefit from data that showed a larger than expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for August ended up $0.22 or 0.3 percent at $73.30 per barrel.