The South Korea stock market has moved lower in two of three trading days since the end of the four-day winning streak in which it had collected almost 40 points or 1.3 percent. The KOSPI now sits just beneath the 3,130-point plateau and it figures to bounce higher again on Friday.
The global forecast for the Asian markets is upbeat, rising strong support from crude oil prices. The European markets were mixed and the U.S. bourses were firmly higher and the Asian markets are also tipped to open in the green.
For the day, the index slipped 12.93 points or 0.41 percent to finish at 3,127.58 after trading between 3,107.98 and 3,131.63. Volume was 612 million shares worth 13.8 trillion won. There were 715 decliners and 178 gainers.
Among the actives, Shinhan Financial collected 0.65 percent, while KB Financial retreated 1.15 percent, Hana Financial slid 0.23 percent, Samsung Electronics rose 0.26 percent, LG Electronics gained 0.72 percent, SK Hynix skidded 1.40 percent, Naver shed 0.74 percent, LG Chem skyrocketed 8.42 percent, Lotte Chemical tumbled 1.71 percent, S-Oil rallied 2.46 percent, SK Innovation accelerated 2.29 percent, POSCO plummeted 4.31 percent, SK Telecom soared 2.99 percent, KEPCO declined 1.22 percent, Hyundai Motor fell 0.24 percent and Kia Motors was up 0.12 percent.
The lead from Wall Street is broadly positive as the major averages opened solidly higher on Thursday and remained in the green throughout the session.
The Dow surged 506.50 points or 1.48 percent to finish at 34,764.82, while the NASDAQ spiked 155.40 points or 1.04 percent to end at 15,052.24 and the S&P 500 jumped 53.34 points or 1.21 percent to close at 4,448.98.
The strength on Wall Street came amid easing concerns about Evergrande after the Chinese property developer reached a settlement with mainland bondholders.
The People’s Bank of China’s infusion of massive capital into the country’s banking system has also eased concerns about a potential default by Evergrande.
In economic news, the Labor Department said first-time claims for U.S. unemployment benefits unexpectedly increased for the second straight week in the week ended September 18.
Crude oil futures settled higher on Thursday amid prospects for a surge in energy demand and tighter supplies due to the slow recovery in the restoration of output in the Gulf of Mexico after recent hurricanes. West Texas Intermediate Crude oil futures for November ended up $1.07 or 1.5 percent at $73.30 a barrel.
Market Analysis
Rebound Anticipated For South Korea Stock Market
2021-09-23 22:59:58
