(RTTNews) - The South Korea stock market has finished higher in back-to-back sessions, surging more than 725 points or 8 percent along the way. The KOSI now rests just above the 8.930-point plateau although investors may lock in gains on Friday.
The global forecast for the Asian markets is weak on continuing tensions in the Middle East and weak economic data. The European markets were up and the U.S. bourses were mixed to lower and the Asian markets figure to follow the latter lead.
The KOSPI finished sharply higher again on Thursday following gains from the technology stocks, while the chemicals were down and the financials and industrials were mixed.
For the day, the index surged 459.28 points or 5.42 percent to finish at 8,930.30. Volume was 449.3 million shares worth 50.4 trillion won. There were 588 decliners and 289 gainers.
Among the actives, Shinhan Financial retreated 1.25 percent, while KB Financial perked 0.07 percent, Hana Financial dipped 0.18 percent, Samsung Electronics rallied 5.29 percent, Samsung SDI tumbled 1.64 percent, LG Electronics sank 0.73 percent, SK Hynix skyrocketed 13.06 percent, Naver rose 0.15 percent, LG Chem plunged 4.03 percent, Lotte Chemical crashed 3.16 percent, SK Innovation tanked 2.28 percent, POSCO Holdings stumbled 2.56 percent, SK Telecom added 0.44 percent, KEPCO surged 5.59 percent, Hyundai Mobis improved 0.79 percent, Hyundai Motor slumped 1.18 percent and Kia Motors gained 0.43 percent.
The lead from Wall Street is soft as the major averages opened slightly higher on Thursday but spent most of the day bouncing back and forth across the line, finally ending mixed.
The Dow added 71.72 points or 0.14 percent to finish at 51,920.62, while the NASDAQ slumped 118.03 points or 0.46 percent to end at 25,358.60 and the S&P 500 dipped 0.73 points or 0.01 percent to close at 7,357.49.
The aimless trade came as investors digested a slew of economic data and some corporate news, including earnings update from Micron Technology - which rallied on stronger-than-expected earnings and an upward revision in revenue forecast.
In economic news, the Labor Department showed the core PCE price index - which is the Federal Reserve's preferred gauge of underlying inflation - moved further above the Federal Reserve's percent target. Also, the Commerce Department said new orders dropped more than expected, while jobless claims were down from a week earlier and GDP slowed in the first quarter.
Traders also kept an eye on developments in the Middle East as tensions along the Strait of Hormuz persist.
Crude oil prices jumped on Thursday as supply disruption threats reappeared after a projectile hit a cargo ship near Oman across the Strait of Hormuz. West Texas Intermediate crude for August delivery was up $1.49 or 2.12 percent at $71.83 per barrel.
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