Recovery Predicted For South Korea Stock Market
(RTTNews) - The South Korea stock market on Thursday ended the two-day winning streak in which it had collected more than 25 points or 1.2 percent. The KOSPI now rests just beneath the 2,030-point plateau although it figures to bounce higher again on Friday.
The global forecast for the Asian markets is upbeat on optimism for a trade deal between the United States and China. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The KOSPI finished modestly lower on Thursday following losses from the financial shares and the automobile producers, while the technology stocks were mixed.
For the day, the index shed 18.10 points or 0.88 percent to finish at 2,028.15 after trading between 2,010.90 and 2,040.88. Volume was 438.5 million shares, worth some 5.4 trillion won. There were 527 decliners and 257 gainers.
Among the actives, Shinhan Financial skidded 1.21 percent, while KB Financial retreated 2.04 percent, Hana Financial cratered 3.54 percent, Samsung Electronics shed 0.72 percent, LG Display surged 3.69 percent, Samsung SDI spiked 2.65 percent, SK Hynix plunged 2.35 percent, POSCO lost 0.45 percent, SK Telecom sank 0.85 percent, KEPCO added 0.59 percent, Hyundai Motors tumbled 2.32 percent, Kia Motors plummeted 3.31 percent and LG Electronics was unchanged.
The lead from Wall Street is positive as traders intensely focused on the latest developments surrounding the highly anticipated U.S.-China trade talks, sending markets significantly higher.
The Dow added 150.66 points or 0.57 percent to 26,496.67, while the NASDAQ gained 47.04 points or 0.60 percent to 7,950.78 and the S&P 500 rose 18.73 points or 0.64 percent to 2,938.13.
Buying interest emerged on Wall Street after President Donald Trump revealed he plans to meet with Chinese Vice Premier Liu He as part of high-level U.S.-China trade talks. Traders will remain focused on the highly anticipated negotiations and any signs of progress or lack thereof.
In economic news, the Labor Department said U.S. consumer prices were essentially flat in September and that there was a modest decrease in first-time claims for U.S. unemployment benefits last week.
Crude oil prices moved higher Thursday as OPEC said that it has all options in place to balance oil markets and that it would make a decision in December about supply. West Texas Intermediate Crude oil futures for November ended up $0.96 or 1.8 percent at $53.55 a barrel, the highest settlement since October 1.
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