The South Korea stock market on Friday wrote a finish to the two-day slide in which it had stumbled almost 40 points or 1.3 percent. The KOSPI now rests just beneath the 2,970-point plateau and it’s expected to extend its gains on Monday.
The global forecast for the Asian markets is cautiously optimistic, with support from technology shares tempered by weakness from oil stocks. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The KOSPI finished sharply higher on Friday following gains from the financials, shipbuilders, automobile companies and oil and chemical stocks – while the heavily weighted technology sector was mixed.
For the day, the index jumped 43.88 points or 1.50 percent to finish at 2,968.80 after trading between 2,938.27 and 2,973.84. Volume was 655 million shares worth 12.3 trillion won. There were 766 gainers and 118 decliners.
Among the actives, Shinhan Financial and Hana Financial both added 0.81 percent, while KB Financial collected 0.89 percent, Samsung Electronics advanced 1.00 percent, LG Electronics and POSCO both soared 3.83 percent, SK Hynix sank 0.93 percent, Naver gained 0.49 percent, LG Chem rallied 2.25 percent, Lotte Chemical accelerated 1.89 percent, Daewoo Shipbuilding and Marine skyrocketed 8.33 percent, Daewoo Engineering and Construction increased 2.70 percent, Korea Shipbuilding surged 2.53 percent, GS Engineering strengthened 3.14 percent, S-Oil improved 0.94 percent, SK Innovation gathered 1.80 percent, KEPCO jumped 1.54 percent, Hyundai Motor climbed 1.46 percent, Kia Motors spiked 3.46 percent and SK Telecom was unchanged.
The lead from Wall Street is firm as the major averages open modestly higher on Friday but accelerated as the day progressed, finishing at or near session highs.
The Dow jumped 179.11 points or 0.50 percent to finish at 36,100.31, while the NASDAQ spiked 156.66 points or 1.00 percent to close at 15,860.96 and the S&P 500 gained 33.58 points or 0.72 percent to end at 4,682.85. For the week, the Dow dipped 0.6 percent, the NASDAQ lost 0.7 percent and the S&P eased 0.3 percent.
The strength on Wall Street came as the concerns about inflation raised by the Labor Department’s consumer price report seem to have been short-lived.
Federal Reserve officials have also repeatedly described the factors driving inflation as transitory, indicating the central bank is not currently considering accelerating monetary policy tightening.
In economic news, the University of Michigan noted an unexpected deterioration in U.S. consumer sentiment in November.
Crude oil futures tumbled sharply lower on Friday, weighed down by a firm dollar and a downward revision in global oil demand forecast by OPEC. West Texas Intermediate Crude oil futures for December ended down by $0.80 or 1 percent at $80.79 a barrel.
Market Analysis
South Korea Stock Market May Challenge Resistance At 3,000 Points
2021-11-14 23:00:16
