By RTT News,
February 12, 2014, 06:30:00 PM EDT
(RTTNews.com) - The South Korea stock market has closed higher now2 in five consecutive trading days, collecting almost 50 points or 2.6 percent in that span. The KOSPI finished just above the 1,935-point plateau, although the market may see a slightly softer open on Thursday.
The global forecast for the Asian markets is fairly flat, although many of the regional bourses are now overbought and ripe for profit-taking. The European markets were mostly higher, while the U.S. bourses were mixed but little changed - and the Asian markets are tipped to follow the latter lead.
The KOSPI finished slightly higher on Wednesday, pushed into the green by gains from the steel producers and shipbuilders.
For the day, the index added 3.78 points or 0.20 percent to finish at 1,935.84 after trading between 1,933.54 and 1,942.23. Volume was 222.25 million shares worth 3.57 trillion won. There were 489 gainers and 315 decliners.
Among the actives, LG Chem added 1.18 percent, while POSCO jumped 1.75 percent, Hyundai Steel spiked 4.03 percent, Hyundai Heavy Industries collected 0.23 percent, Samsung Electronics shed 0.31 percent and Hyundai Motor lost 1.52 percent.
The lead from Wall Street is inconclusive as stocks showed a lack of direction on Wednesday after trending higher over the past few sessions, eventually closing mixed.
The NASDAQ inched up 10.24 points or 0.2 percent to 4,201.29, but the Dow dipped 30.83 points or 0.2 percent to 15,963.94 and the S&P 500 edged down 0.49 points or less than a tenth of a percent to finish at 1,819.26.
The choppy trading came as traders seemed reluctant to make any significant moves amid a lack of major U.S. economic data. Uncertainty about the near-term outlook for the markets also kept traders on the sidelines after the volatility seen over the past month.
Later today, the Bank of Korea will conclude its monetary policy meeting and then announce its decision on interest rates. The central bank is widely expected to keep rates on hold at 2.50 percent.
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