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South Korea Shares Tipped To See Renewed Support

The South Korea stock market has alternated between positive and negative finishes through the last five sessions since the end of the two-day winning streak in which it had gathered almost 35 points or 1.7 percent. The KOSPI now rests just beneath the 2,080-point plateau although it figures to bounce higher again on Thursday.

The global forecast is positive following the U.S. midterm elections. The European and U.S. markets were solidly higher and the Asian bourses are expected to follow suit.

The KOSPI finished modestly lower on Wednesday following losses from the financial shares and oil companies, while the technology stocks and industrials were mixed.

For the day, the index slid 10.93 points or 0.52 percent to finish at 2,078.69 after trading between 2,072.48 and 2,107.63. Volume was 471.03 million shares worth 6.25 trillion won. There were 586 decliners and 254 gainers.

Among the actives, KB Financial skidded 1.13 percent, while Woori Bank shed 0.63 percent, Hana Financial retreated 1.04 percent, POSCO dropped 1.29 percent, SK Telecom spiked 2.29 percent, KEPCO jumped 1.68 percent, S-Oil slid 0.68 percent, SK Innovation was down 1.14 percent, Samsung Electronics added 0.57 percent, LG Electronics declined 1.03 percent, LG Display lost 1.47 percent, SK hynix climbed 1.00 percent, Kia Motors fell 1.38 percent and Shinhan Financial and Hyundai Motor were unchanged.

The lead from Wall Street is solid as stocks showed a significant move to the upside on Wednesday, adding to the gains posted in the previous session.

The Dow added 545.29 points or 2.13 percent to 26,180.30, while the NASDAQ jumped 194.79 points or 2.64 percent to 7,570.75 and the S&P gained 58.44 points or 2.12 percent to 2,813.89.

The rally on Wall Street came as the results of the highly anticipated midterm elections on Tuesday came largely in line with expectations.

Democrats are projected to retake control of the House for the first time since 2010 - which will give them subpoena power, potentially leading to numerous investigations of President Donald Trump's administration.

Democrats did not fare as well as in the Senate, as Republicans appear poised to expand their majority in the upper chamber.

Crude oil prices tumbled on Wednesday after data showed a seventh straight weekly rise in U.S. crude inventories. Crude oil futures for December were down $0.54 or 0.9 percent at $61.67 a barrel, the lowest settlement price in nearly eight months.

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