The South Korea stock market on Wednesday snapped the two-day winning streak in which it had picked up more than 10 points or 0.4 percent. The KOSPI now rests just above the 2,505-point plateau although it figures to bounce higher again on Thursday.
The global forecast for the Asian markets is upbeat, with technology stocks expected to fuel the rally. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.
The KOSPI finished modestly lower on Wednesday as losses from the chemicals, technology stocks and industrials were tempered by support from the financial sector.
For the day, the index shed 10.24 points or 0.41 percent to finish at 2,505.50. Volume was 535.96 million shares worth 8.35 trillion won. There were 503 decliners and 367 gainers.
Among the actives, Shinhan Financial rose 0.29 percent, while KB Financial collected 0.77 percent, Hana Financial jumped 1.84 percent, Samsung Electronics gained 0.75 percent, Samsung SDI stumbled 2.01 percent, LG Electronics lost 0.10 percent, SK Hynix shed 0.43 percent, Naver plunged 2.49 percent, LG Chem tanked 1.92 percent, Lotte Chemical tumbled 1.77 percent, SK Innovation surrendered 1.98 percent, POSCO retreated 1.61 percent, SK Telecom perked 0.11 percent, KEPCO improved 0.78 percent, Hyundai Mobis declined 1.30 percent, Hyundai Motor dipped 0.21 percent, Kia Motors eased 0.13 percent and S-Oil was unchanged.
The lead from Wall Street is positive as the major averages opened higher and accelerated as the day progressed, ending near session highs.
The Dow gained 184.15 points or 0.54 percent to finish at 34,472.98, while the NASDAQ spiked 215.16 points or 1.59 percent to end at 13,721.03 and the S&P 500 added 48.46 points or 1.10 percent to close at 4,436.01.
The spike by the Nasdaq came as tech stocks rallied ahead of earnings news from Nvidia (NVDA), and the chipmaker released strong fiscal second quarter results after the close of trading.
A steep drop by bond yields also generated some buying interest, as the 10-year yield pulled back further off highest levels in well over 15 years.
In economic news, S&P noted a slowdown in the pace service sector activity and a contraction in manufacturing activity in August. Also, the Commerce Department said new home sales rebounded much more than expected in July.
Crude oil futures settled lower Wednesday amid concerns about the outlook for oil demand after data showed a decline in global manufacturing activity. West Texas Intermediate Crude oil futures for October ended lower by $0.75 or 0.9 percent at $78.89 a barrel.
Market Analysis
Rebound Predicted For South Korea Stock Market
2023-08-23 23:00:55
