KOSPI Predicted To Extend Winning Streak On Thursday

The South Korea stock market has finished higher in three straight sessions, gathering more than 20 points or 0.9 percent along the way. The KOSPI now rests just above the 2,415-point plateau and it’s expected to add to its winnings again on Thursday.

The global forecast for the Asian markets is upbeat on encouraging news for interest rates. The European markets had modest gains and the U.S. bourses surged, and the Asian markets figure to split the difference.

The KOSPI finished slightly higher on Wednesday following mixed performances from the financials, technology stocks and oil and chemical companies.

For the day, the index rose 2.57 points or 0.11 percent to finish at the daily high of 2,415.53 after trading as low as 2,396.19. Volume was 324 million shares worth 6.9 trillion won. There were 492 gainers and 336 decliners.

Among the actives, Shinhan Financial slipped 0.28 percent, while Hana Financial collected 0.56 percent, Samsung Electronics rose 0.16 percent, LG Electronics advanced 0.75 percent, SK Hynix shed 0.50 percent, Naver added 0.41 percent, LG Chem fell 0.35 percent, Lotte Chemical climbed 1.17 percent, S-Oil strengthened 1.20 percent, SK Innovation lost 0.54 percent, POSCO perked 0.42 percent, SK Telecom gained 0.38 percent, KEPCO improved 0.68 percent, Kia Motors tumbled 2.06 percent and Hyundai Motor, Hyundai Mobis and KB Financial were unchanged.

The lead from Wall Street is broadly positive as the major averages opened slightly higher on Wednesday but skyrocketed late in the day after the FOMC rate decision.

The Dow spiked 436.05 points or 1.37 percent to finish at 32,197.59, while the NASDAQ surged 469.85 points or 4.06 percent to end at 12,032.42 and the S&P 500 jumped 102.56 points or 2.62 percent to close at 4,023.61.

Stocks were steady in early trading and then accelerated to the upside following the Federal Reserve’s monetary policy decision and Fed Chair Jerome Powell’s post-meeting press conference.

While the Fed announced another 75-basis-point interest rate, as widely expected, comments from Powell hinted at a slowdown in the pace of rate hikes at future meetings.

Crude oil prices surged higher Wednesday after data showed a drop in U.S. crude inventories last week, while cuts in Russian gas flows to Europe also contributed as oil’s sharp rise. West Texas Intermediate Crude oil futures for September climbed $2.28 or 2.4 percent at $97.26 a barrel.