(RTTNews) - The South Korea stock market has moved higher in nine straight sessions, accelerating more than 500 points or 11.3 percent in that span. Now at a fresh record closing high, the KOSPI sits just above the 4,720-point plateau and it's way overdue for consolidation on Thursday.
The global forecast for the largely overbought Asian markets is negative thanks to geopolitical concerns, with tech shares likely to lead the way lower. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.
The KOSPI finished modestly higher again on Wednesday following gains from the financial shares, automobile producers and technology companies.
For the day, the index gained 30.46 points or 0.65 percent to finish at the daily high of 4,723.10 after moving as low as 4,669.32. Volume was 542.9 million shares worth 22.7 trillion won. There were 557 gainers and 334 decliners.
Among the actives, Shinhan Financial and Hana Financial both vaulted 1.91 percent, while KB Financial collected 0.31 percent, Samsung Electronics jumped 1.96 percent, Samsung SDI plunged 4.83 percent, LG Electronics rallied 1.83 percent, SK Hynix added 0.54 percent, Naver tumbled 1.89 percent, LG Chem tanked 3.50 percent, Lotte Chemical advanced 0.99 percent, SK Innovation retreated 1.52 percent, POSCO Holdings stumbled 2.13 percent, SK Telecom climbed 1.10 percent, KEPCO plummeted 3.77 percent, Hyundai Mobis dipped 0.22 percent, Hyundai Motor accelerated 1.35 percent and Kia Motors surged 5.15 percent.
The lead from Wall Street is weak as the major averages opened in the red on Wednesday and remained under water throughout the session.
The Dow slumped 42.36 points or 0.09 percent to finish at 49,149.63, while the NASDAQ stumbled 238.12 points or 1.00 percent to end at 23,471.12 and the S&P 500 sank 37.14 points or 0.53 percent to close at 6,926.60.
The weakness on Wall Street may partly have reflected growing concerns about rising geopolitical tensions around the world.
President Donald Trump's threats to take control of Greenland have made headlines recently, while traders are also keeping an eye on political unrest in Iran and the ongoing Russia-Ukraine war.
In economic news, the Commerce Department said retail sales in the U.S. increased more than expected in November. Also, the Labor Department noted a modest increase by U.S. producer prices in November.
Crude oil prices posted sharp gains Wednesday as the probability of U.S. intervention to end the crisis in Iran raises supply-related concerns. West Texas Intermediate crude for February delivery was up $0.76 or 1.24 percent at $61.91 per barrel.
Closer to home, the Bank of Korea will wrap up its monetary policy meeting this morning and then announce its decision on interest rates; the BoK is widely expected to keep its benchmark lending rate unchanged at 2.50 percent.
South Korea also will see December data for imports, exports and trade balance. In November, imports were up 4.6 percent on year and exports rose an annual 13.4 percent for a trade surplus of $12.18 billion.
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