Profit Taking Likely For South Korea Shares

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(RTTNews.com) - The winning streak has hit five sessions now for the South Korea stock market, which has advanced more than 105 points or 4.2 percent to a fresh record closing high. The KOSPI now rests just beneath the 2,475-point plateau although investors figure to cash in on Friday.

The global forecast for the Asian markets is soft, thanks to a decline in crude oil prices and expected profit taking. The European and U.S. markets were slightly lower and the Asian markets figure to follow suit.

The KOSPI finished modestly higher on Thursday following gains from the financial shares and technology stocks, while the industrials were largely mixed.

Among the actives, Shinhan Financial collected 0.20 percent, while Woori Bank climbed 1.40 percent, Samsung Electronics added 0.29 percent, LG Electronics gained 0.57 percent, SK hynix shed 0.67 percent, Naver spiked 2.26 percent, POSCO dropped 0.79 percent, Hyundai Steel surged 2.08 percent, Hyundai Motor advanced 0.97 percent and Kia Motors lost 0.77 percent.

The lead from Wall Street is negative as stocks showed a lack of direction on Thursday before closing modestly lower.

The Dow shed 31.88 points or 0.14 percent to 22,842.01, while the NASDAQ dipped 12.04 points or 0.18 percent to 6,591.51 and the S&P eased 4.31 points or 0.17 percent to 2,550.93.

The lower close was due to profit taking following recent gains, while earnings news in the financial sector also weighed despite coming in better than expected.

In economic news, the Labor Department said producer prices increased in line with estimates in September. A separate report showed first-time claims for unemployment benefits fell more than expected in the week ended October 7th.

Crude oil futures slipped Thursday but pared early losses after data showed U.S. oil inventories fell last week. WTI light sweet crude oil slid 70 cents or 1.4 percent to $50.60/bbl.

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