Plus   Neg

Continued Support Tipped For South Korea Shares

The South Korea stock market bounced higher again on Friday, one session after it had halted the nine-day winning streak in which it had advanced almost 95 points or 4.5 percent. The KOSPI now rests just beneath the 2,235-point plateau and it's got another green light for Monday's trade.

The global forecast for the Asian markets is upbeat after earnings season kicked off with better than expected numbers. The European and U.S. markets were up and the Asian bourses figure to follow suit.

The KOSPI finished modestly higher on Friday following gains from the airlines and mixed performances from the technology stocks and financials.

For the day, the index rose 9.01 points or 0.41 percent to finish at the daily high of 2,233.45 after moving as low as 2,212.88. Volume was 436.94 million shares worth 5.87 trillion won. There were 489 gainers and 326 decliners.

Among the actives, Shinhan Financial added 0.11 percent, while KB Financial collected 0.55 percent, Hana Financial fell 0.39 percent, Samsung Electronics jumped 1.30, Samsung SDI climbed 1.10 percent, LG Electronics tumbled 1.81 percent, LG Display sank 1.13 percent, SK Hynix slid 0.38 percent, POSCO dipped 0.19 percent, KEPCO shed 0.34 percent, Korean Air surged 7.55 percent, Hyundai Motor skidded 1.17 percent, Kia Motors rose 0.12 percent and SK Telecom was unchanged.

The lead from Wall Street is positive as stocks opened higher on Friday and remained in the green throughout the session.

The Dow jumped 269.25 points or 1.03 percent to 26,412.30, while the NASDAQ added 36.80 points or 0.46 percent to 7,984.16 and the S&P 500 rose 19.09 points or 0.66 percent to 2,907.41. For the week, the Dow fell 0.1 percent, while the NASDAQ added 0.6 percent and the S&P 500 rose 0.5 percent.

The early strength on Wall Street followed quarterly results from JPMorgan Chase (JPM), which posted record Q1 earnings and revenues that beat the street - although some apprehension remains ahead of more earnings news this week.

In economic news, the Labor Department noted a bigger than expected increase in import prices in March, while the University of Michigan said that consumer sentiment deteriorated more than expected in April.

Crude oil futures ended higher on Friday with escalating unrest in Libya, the U.S. sanctions on Iran and Venezuela and OPEC-led output cuts tightening crude supply in the global market. West Texas Intermediate Crude oil futures for May ended up $0.31 or 0.5 percent at $63.89 a barrel.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT