Win Streak Likely To Continue For South Korea Stock Market
(RTTNews) - The South Korea stock market has finished higher in three straight sessions, gathering more than 60 points or 2.8 percent along the way. The KOSPI now rests just above the 2,310-point plateau and it may extend its gains on Thursday.
The global forecast for the Asian markets is upbeat and rising oil prices and optimism for stimulus. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The KOSPI finished sharply higher on Wednesday following gains from the oil and chemical companies, while the financials were soft and the industrials were mixed.
For the day, the index jumped 31.89 points or 1.40 percent to finish at 2,311.86 after trading between 2,283.95 and 2,312.14. Volume was 830 million shares worth 17.6 trillion won. There were 434 decliners and 400 gainers.
Among the actives, Shinhan Financial lost 0.66 percent, while Hana Financial skidded 1.37 percent, Samsung Electronics shed 0.70 percent, LG Electronics rose 0.52 percent, SK Hynix sank 1.10 percent, LG Display fell 0.40 percent, LG Chem surged 4.36 percent, Lotte Chemical advanced 0.88 percent, S-Oil jumped 1.83 percent, SK Innovation skyrocketed 20.45 percent, SK Telecom added 0.67 percent, Hyundai Motors climbed 1.13 percent, Kia Motors eased 0.12 percent and KB Financial, POSCO and KEPCO were unchanged.
The lead from Wall Street is positive as stocks moved mostly higher on Wednesday, extending gains from the previous session as the NASDAQ hit a fresh record closing high.
The Dow jumped 373.05 points or 1.39 percent to finish at 27,201.52, while the NASDAQ added 57.23 points or 0.52 percent to end at 10,998.40 and the S&P 500 rose 21.26 points or 0.64 percent to close at 3,327.77.
The continued strength in the broader markets reflected optimism that lawmakers will eventually reach an agreement on a new coronavirus relief bill after both sides noted progress in talks.
Adding to the positive sentiment, the Institute for Supply Management noted an unexpected acceleration in the pace of growth in service sector activity in July. But traders shrugged off a report from payroll processor ADP showing a slowdown in private sector job growth last month.
Crude oil prices moved higher Wednesday, lifted by data showing a sharp drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for September ended up $0.49 or 1.2 percent at $42.19 a barrel.
Closer to home, South Korea will provide June figures for current account later this morning; in May, the current account surplus was $2.29 billion.
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