Additional Support Anticipated For KOSPI
(RTTNews) - The South Korea stock market on Thursday snapped the two-day slide in which it had tumbled more than 90 points or 3.6 percent. The KOSPI market now rests just above the 2,440-point plateau and it may extend its gains on Friday.
The global forecast for the Asian markets is upbeat, with technology and oil companies expected to lead the way higher. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The KOSPI finished slightly higher on Thursday following mixed performances from the technology stocks and chemical companies, while the financials and energy shares were mixed.
For the day, the index rose 4.14 points or 0.17 percent to finish at 2,440.04. Volume was 555 million shares worth 8.12 trillion won. There were 444 decliners and 421 gainers.
Among the actives, Shinhan Financial lost 0.55 percent, while KB Financial sank 0.80 percent, Hana Financial fell 0.48 percent, Samsung Electronics advanced 0.99 percent, Samsung SDI shed 0.66 percent, LG Electronics eased 0.11 percent, SK Hynix soared 3.97 percent, Naver slumped 1.14 percent, LG Chem gained 0.86 percent, Lotte Chemical declined 1.29 percent, S-Oil rose 0.31 percent, SK Innovation skidded 1.10 percent, POSCO improved 0.72 percent, KEPCO retreated 1.37 percent, Hyundai Mobis plunged 2.68 percent, Hyundai Motor dropped 0.88 percent, Kia Motors weakened 0.68 percent and SK Telecom was unchanged.
The lead from Wall Street is positive as the major averages opened mixed on Thursday but all ended up firmly in the green by the day's end.
The Dow advanced 201.94 points or 0.54 percent to finish at 37,468.61, while the NASDAQ rallied 200.03 points or 1.35 percent to close at 15,055.65 and the S&P 500 gained 41.73 points or 0.88 percent to end at 4,780.94.
The rebound on Wall Street came despite a continued increase by treasury yields, which moved higher after the Labor Department noted an unexpected weekly decrease in first-time claims for U.S. unemployment benefits.
Tech stocks helped lead the way higher on Wall Street, with shares of Apple (AAPL) jumping 3.3 percent after Bank of America upgraded its rating on the company's stock to Buy from Neutral.
A rally by semiconductor stocks also contributed to the surge by the NASDAQ as the Philadelphia Semiconductor Index spiked by 3.4 percent. Networking, computer hardware and software stocks also showed notable moves to the upside.
Oil prices climbed higher Thursday, lifted by data showing a drop in U.S. crude inventories last week, and on higher forecasts for global demand. West Texas Intermediate Crude oil futures for February rallied $1.52 at $74.08 a barrel.
