(RTTNews) - The South Korea stock market has moved higher in 11 straight sessions, accelerating more than 610 points or 13.9 percent in that span. Now at another fresh record closing high, the KOSPI sits just above the 4,840-point plateau although it is overdue for profit taking on Monday.
The global forecast is soft amidst ambiguity over the outlook for interest rates and ongoing geopolitical issues. The European and U.S. markets were slightly lower and the Asian bourses are expected to follow that lead.
The KOSPI finished modestly higher again on Friday following gains from the technology stocks, weakness from the industrials and mixed performances from the financials and chemicals.
For the day, the index advanced 43.19 points or 0.90 percent to finish at 4,840.74 after trading between 4,797.75 and 4,855.61. Volume was 701.2 million shares worth 26.6 trillion won. There were 504 decliners and 373 gainers.
Among the actives, Shinhan Financial fell 0.25 percent, while KB Financial collected 0.61 percent, Hana Financial rose 0.21 percent, Samsung Electronics rallied 3.47 percent, Samsung SDI dropped 0.86 percent, LG Electronics soared 4.68 percent, SK Hynix advanced 0.93 percent, Naver sank 0.81 percent, LG Chem shed 0.77 percent, Lotte Chemical vaulted 1.23 percent, SK Innovation tumbled 2.04 percent, POSCO Holdings plummeted 5.69 percent, SK Telecom gained 0.73 percent, KEPCO strengthened 1.67 percent, Hyundai Mobis plunged 4.33 percent, Hyundai Motor stumbled 2.13 percent and Kia Motors slumped 0.92 percent.
The lead from Wall Street is weak as the major averages opened higher on Friday but quickly faded, hugging both sides of the line before ending slightly lower.
The Dow shed 83.07 points or 0.17 percent to finish at 49,359.33, while the NASDAQ slipped 14.61 points or 0.06 percent to close at 23,515.39 and the S&P 500 fell 4.46 points or 0.06 percent to end at 6,940.01. For the week, the NASDAQ slid 0.7 percent, the S&P dipped 0.4 percent and the Dow eased 0.03 percent.
The choppy trading on Wall Street followed remarks from President Donald Trump suggesting National Economic Council Director Kevin Hassett may not be his choice to become the next Federal Reserve chair.
Hassett had been seen as the frontrunner to replace Fed Chair Jerome Powell, whose term expires in May, but predictions now show former Fed Governor Kevin Warsh has surged into the lead following Trump's remarks - causing some uncertainty about the outlook for interest rates.
Trump's threats to take control of Greenland continue to attract attention, with the president suggesting he may impose tariffs on countries that don't go along with his plans for the territory.
Crude oil moved higher on Friday as traders weighed the continuing risks after reports that the U.S. is consolidating its forces in the Middle East. West Texas Intermediate crude for February delivery was up $0.40 or 0.68 percent at $59.59 per barrel.
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