The South Korea stock market has finished higher in two straight sessions, collecting almost 20 points or 0.7 percent along the way. The KOSPI now rests just above the 2,745-point plateau although it may run out of steam on Thursday.
The global forecast for the Asian markets is soft on fading hopes for peace talks between Russia and Ukraine. The European markets were mixed and the U.S. bourses were down and the Asian markets are expected to split the difference.
The KOSPI finished slightly higher on Wednesday as gains from the automobile producers and technology stocks were capped by weakness from the financials.
For the day, the index added 5.67 points or 0.21 percent to finish at 2,746.74 after trading between 2,740.02 and 2,760.60. Volume was 825 million shares worth 10.9 trillion won. There were 432 decliners and 416 gainers.
Among the actives, Shinhan Financial fell 0.24 percent, while KB Financial dropped 0.99 percent, Hana Financial retreated 1.22 percent, Samsung Electronics shed 0.43 percent, LG Electronics and SK Hynix both advanced 0.83 percent, Samsung SDI accelerated 3.51 percent, Contemporary Amperex Technology skyrocketed 6.59 percent, Naver strengthened 1.50 percent, LG Chem rose 0.38 percent, Lotte Chemical lost 0.50 percent, S-Oil skidded 1.02 percent, SK Innovation improved 0.95 percent, POSCO plunged 3.01 percent, SK Telecom plummeted 3.43 percent, KEPCO gained 0.67 percent, Hyundai Motor rallied 2.55 percent and Kia Motors spiked 2.65 percent.
The lead from Wall Street is negative as the major averages opened lower on Wednesday and largely spent the entire day in the red.
The Dow shed 65.38 points or 0.19 percent to finish at 35,228.81, while the NASDAQ tumbled 177.36 points or 1.21 percent to end at 14,442.27 and the S&P 500 lost 29.15 points or 0.63 percent to close at 4,602.45.
The major U.S. averages ended lower Wednesday on news that Russia has continued to shell certain areas of Ukraine despite having promised to scale down military operations on Tuesday.
Rising worries about inflation and imminent aggressive monetary tightening by the Federal Reserve also weighed on sentiment.
In economic news, payroll processor ADP said private sector employment in the U.S. climbed more than expected in March. Also, the Commerce Department said the U.S. economy grew slightly less than estimated in Q4 2021.
Crude oil prices climbed higher Wednesday after data showed a drop in U.S. inventories last week, and amid a lack of progress in Russia-Ukraine peace talks. West Texas Intermediate Crude oil futures for May ended higher by $3.58 or 3.4 percent at $107.82 a barrel.
Closer to home, South Korea will provide February data for industrial production and retail sales later this morning. Industrial output is expected to be flat on month and gain 4.5 percent on year after adding 0.2 percent on month and 4.3 percent on year in January. Retail sales dropped 1.9 percent on month and gained 4.5 percent on year a month earlier.
Market Analysis
Rally May Stall For South Korea Stock Market
2022-03-30 23:00:09
