The South Korea stock market has moved higher in three straight trading days, gathering more than 25 points or 1.1 percent along the way. The KOSPI now rests just above the 2,425-point plateau although it may be victimized by profit taking on Thursday.
The global forecast for the Asian markets is mixed to lower ahead of Friday's U.S. jobs report, although crude oil continues to provide support. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The KOSPI finished modestly higher on Wednesday as gains from the technology stocks and telecoms were offset by weakness from the financial shares and industrials.
For the day, the index added 4.67 points or 0.19 percent to finish at 2,427.63 after trading between 2,424.18 and 2,434.47. Volume was 258 million shares worth 5.2 trillion won. There were 461 gainers and 341 decliners.
Among the actives, SK Hynix and Samsung Electronics both added 0.82 percent, while LG Electronics added 0.15 percent, Shinhan Financial tumbled 1.48 percent, Woori Bank dropped 1.04 percent, SK Telecom spiked 2.16 percent, Hyundai Steel plummeted 3.63 percent, POSCO skidded 1.20 percent, Hyundai Motor shed 0.11 percent, Kia Motors lost 0.26 percent and S-Oil slipped 0.85 percent.
The lead from Wall Street is inconclusive as stocks hovered near the unchanged line before ending on opposite sides of it - although the Dow managed to hit another record close.
The Dow jumped 52.32 points or 0.24 percent to 22,016.24, while the NASDAQ eased 0.29 points or 0.01 percent to 6,362.65 and the S&P added 1.22 points or 0.05 percent to 2,477.57.
Traders seemed reluctant to make significant moves ahead of Friday's monthly jobs report from the Labor Department.
Ahead of that report, payroll processor ADP reported that private sector employment increased by less than expected in July.
Crude oil futures rose Wednesday, holding near $50 a barrel after a smaller-than-expected drop in U.S. oil inventories. WTI light sweet crude oil rose 43 cents or 0.9 percent to $49.59 a barrel. Crude was up 8 percent in July, touching eight-week highs.
Closer to home, South Korea will release June results for current account this morning; in May, the surplus was $5.94 billion.
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