South Korea Has Positive Lead For Friday's Trade

(RTTNews) - The South Korea stock market has alternated between positive and negative finishes through the last six trading days since the end of the two-day winning streak in which it had surged more than 220 points or 14 percent. The KOSPI now rests just beneath the 1,725-point plateau and it's expected to add to its winnings on Friday.

The global forecast for the Asian markets is firm thanks to major support from crude oil prices. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.

The KOSPI finished sharply higher on Thursday following gains from the oil companies, financial shares and technology stocks.

For the day, the index jumped 39.40 points or 2.34 percent to finish at 1,724.86 after trading between 1,664.13 and 1,726.76. Volume was 752 million shares worth 9.5 trillion won. There were 708 gainers and 154 decliners.

Among the actives, S-Oil skyrocketed 20 percent, while SK Innovation surged 9.58 percent, KB Financial collected 0.32 percent, Hana Financial spiked 3.20 percent, Samsung Electronics climbed 2.18 percent, LG Electronics increased 2.49 percent, SK Hynix gained 2.04 percent, Lotte Chemical lost 1.37 percent, POSCO perked 0.65 percent, SK Telecom accelerated 4.00 percent, KEPCO added 0.53 percent, Hyundai Motors gathered 1.41 percent, Kia Motors advanced 0.98 percent and Shinhan Financial was unchanged.

The lead from Wall Street is broadly positive as stocks fluctuated throughout much of Thursday's trade before surging into the close.

The Dow jumped 469.93 points or 2.24 percent to finish at 21,413.44, while the NASDAQ climbed 126.73 points or 1.72 percent to 7,487.31 and the S&P 500 spiked 56.40 points or 2.28 percent to 2,526.90.

The higher close on Wall Street was due in large part to strength among energy stocks, which moved sharply higher along with the price of crude oil.

Crude oil prices skyrocketed on Thursday amid hopes the price war between Saudi Arabia and Russia would end soon. West Texas Intermediate Crude oil futures for May ended up $5.01 or 25 percent at $25.32 a barrel.

The strength that emerged came even though the Labor Department reported a record spike in initial jobless claims last week. In the past two weeks, nearly 10 million people have filed for unemployment, which economists say translates to an unemployment rate of about 10 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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