The South Korea stock market has finished higher in three straight sessions, jumping more than 85 points or 3.5 percent along the way. The KOSPI now rests just above the 2,705-point plateau and it’s got a green light again for Monday’s trade.
The global forecast for the Asian markets suggests a higher opening, although last week’s relief rally appears to be losing stream with tech and oil stocks figure to provide support. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The KOSPI finished modestly higher on Friday following mixed performances from the oil and chemical companies, technology stocks and automobile producers – while the financials were soft.
For the day, the index collected 12.51 points or 0.46 percent to finish at 2,707.02 after trading between 2,688.71 and 2,708.16. Volume was 634 million shares worth 11.3 trillion won. There were 547 gainers and 303 decliners.
Among the actives, Shinhan Financial fell 0.26 percent, while KB Financial lost 0.69 percent, Hana Financial eased 0.10 percent, Samsung Electronics shed 070 percent, LG Electronics tumbled 1.98 percent, LG Chem soared 3.94 percent, Lotte Chemical dropped 0.98 percent, S-Oil added 0.59 percent, SK Innovation sank 0.75 percent, POSCO perked 1.23 percent, SK Telecom strengthened1.57 percent, KEPCO skidded 1.03 percent, Hyundai Motor accelerated 1.48 percent, Kia Motors lost 0.55 percent and SK Hynix and Naver were unchanged.
The lead from Wall Street is positive as the major average shook off early weakness on Friday to finish well into the green.
The Dow jumped 274.13 points or 0.80 percent to finish at 34,754.93, while the NASDAQ spiked 279.04 points or 2.05 percent to end at 13,893.84 and the S&P 500 climbed 51.45 points or 1.17 percent to close at 4,463.12. For the week, the NASDAQ surged 8.1 percent, the Dow spiked 5.4 percent and the S&P gained 5.5 percent.
The markets continued to benefit from recent upward momentum, with the major averages recovering from the sell-off sparked by Russia’s invasion of Ukraine, although ongoing peace talks have thus far failed to yield a breakthrough.
President Joe Biden spoke with Chinese President Xi Jinping about the conflict on Friday, with the White House saying Biden described the implications and consequences if China provides material support to Russia.
In U.S. economic news, the National Association of Realtors noted a sharp pullback in U.S. existing home sales in February. Also, the Conference Board’s U.S. leading economic index rose more than expected last month.
Crude oil futures settled sharply higher on Friday but still posted a weekly loss due to concerns about outlook for energy demand and recent data showing a jump in U.S. crude inventories. West Texas Intermediate Crude oil futures for April ended higher by $1.72 or 1.7 percent at $104.70 a barrel. WTI crude oil futures shed more than 3 percent in the week.
Market Analysis
Win Streak May Continue For South Korea Stock Market
2022-03-20 23:02:01
