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Mild Upside Seen For South Korea Shares


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(RTTNews.com) - The South Korea stock market bounced higher again on Wednesday, one session after it had ended the two-day winning streak in which it had advanced almost 15 points or 0.6 percent. The KOSPI now rests just beneath the 2,480-point plateau and it may inch higher again on Thursday.

The global forecast for the Asian markets is mixed and flat, with mild upside offered by a bump in crude oil prices. The European markets were up and the U.S. bourses were mixed but little changed - and the Asian markets figure to split the difference.

The KOSPI finished sharply higher on Wednesday following gains from the technology stocks and industrial issues.

For the day, the index jumped 26.21 points or 1.07 percent to finish at 2,479.98 after trading between 2,467.55 and 2,486.73. Volume was 639.82 million shares worth 8.07 trillion won. There were 513 gainers and 301 decliners.

Among the actives, Samsung Electronics spiked 2.76 percent, while SK hynix soared 2.17 percent, POSCO surged 4.95 percent and LG Chem advanced 2.04 percent.

The lead from Wall Street offers little clarity as stocks were lackluster on Wednesday, fluctuating as the day progressed before ending mixed.

The Dow dipped 38.56 points or 0.16 percent to 24.748.07, while the NASDAQ rose 14.14 points or 0.19 percent to 7,295.24 and the S&P added 2.25 points or 0.08 percent to 2,708.64.

The choppy trading came amid mixed quarterly results from several big-name companies. While United Continental (UAL) and CSX Corp. (CSX) moved higher after beating the street, IBM Corp. (IBM) fell after providing disappointing full-year earnings guidance.

In economic news, the Federal Reserve released its Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts. The Beige Book said economic activity continued to expand at a modest to moderate pace across the twelve districts in March and early April.

Crude oil futures continued to rise Wednesday, surging to their highest since December 2014 after U.S. oil inventories dwindled. May WTI oil climbed $1.95 or 2.9 percent to settle at $68.47/bbl.


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This article appears in: Politics , World Markets , US Markets , Stocks


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