(RTTNews) - The South Korea stock market has moved higher in three straight sessions, collecting more than 260 points or 5 percent in that span. Now at a fresh record closing high, the KOSPI sits just above the 5,350-point plateau although investors figure to lock in gains on Thursday.
The global forecast for the Asian markets is soft on fading optimism over the outlook for interest rates. The European markets were mixed and the U.S. bourses were slightly lower and the Asian markets figure to split the difference.
The KOSPI finished sharply higher again on Wednesday following gains from the chemical companies, financial shares and automobile producers, while the technology stocks were mixed.
For the day, the index climbed 52.80 points or 1 percent to finish at 5,354.49 after trading between 5,257.53 and 5,374.23. Volume was 747.2 million shares worth 25.4 trillion won. There were 541 gainers and 337 decliners.
Among the actives, Shinhan Financial spiked 3.06 percent, while KB Financial surged 5.79 percent, Hana Financial collected 2.95 percent, Samsung Electronics climbed 1.21 percent, Samsung SDI skidded 1.05 percent, LG Electronics skyrocketed 22.98 percent, SK Hynix tumbled 1.83 percent, Naver strengthened 1.38 percent, LG Chem added 0.47 percent, Lotte Chemical rallied 4.44 percent, SK Innovation vaulted 1.52 percent, POSCO Holdings perked 0.27 percent, SK Telecom expanded 2.31 percent, KEPCO rose 0.33 percent, Hyundai Mobis gained 2.06 percent, Hyundai Motor accelerated 5.93 percent and Kia Motors soared 4.59 percent.
The lead from Wall Street is weak as the major averages opened higher but quickly headed south and hugged the line for the balance of the day, finally ending slightly under water.
The Dow shed 66.74 points or 0.13 percent to finish at 50,121.40, while the NASDAQ slumped 36.01 points or 0.16 percent to close at 23.066.47 and the S&P 500 eased 0.34 points or 0.00 percent to end at 6,941.47.
The initial strength on Wall Street followed the release of a closely watched Labor Department report showing employment in the U.S. increased more than expected in January.
However, the report also showed a significant downward revision to job growth in 2025, with the increase in employment revised to 181,000 jobs from 584,000 jobs.
The stronger-than-expected job growth in January may also have reduced the likelihood of near-term interest rate cuts by the Federal Reserve, offsetting the initial positive reaction.
Crude oil prices climbed on Wednesday amid heightening tension between the U.S. and Iran, with Israel's intervention exacerbating the standoff. West Texas Intermediate crude for March delivery was up $0.57 or 0.89 percent at $64.53 per barrel.
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