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South Korea Bourse Draws Higher Open On Thursday

The South Korea stock market on Wednesday snapped the two-day slide in which it had fallen almost 60 points or 3 percent. The KOSPI now rests just beneath the 2,060-point plateau and it's looking at another green light again on Thursday.

The global forecast for the Asian markets is upbeat in surging crude oil prices and renewed optimism for the outlook on interest rates. The European markets were down and the U.S. bourses were up - and the Asian markets also figure to open higher.

The KOSPI finished modestly higher on Wednesday as gains from the technology stocks and oil companies were limited by weakness from the industrials and a mixed picture from the financial sector.

For the day, the index picked up 6.75 points or 0.33 percent to finish at 2,058.78 after trading between 2,052.03 and 2,075.30. Volume was 350 million shares worth 3.86 trillion won. There were 537 gainers and 286 decliners.

Among the actives, Shinhan Financial eased 0.11 percent, while Hana Financial climbed 1.27 percent, Samsung Electronics advanced 1.00 percent, LG Display accelerated 1.82 percent, Samsung SDI jumped 1.76 percent, SK hynix soared 4.44 percent, Hyundai Engineering & Construction jumped 1.25 percent, S-Oil spiked 2.64 percent, POSCO dipped 0.42 percent, SK Telecom slid 0.20 percent, KEPCO dropped 0.98 percent, Hyundai Motor shed 0.36 percent, Kia Motors fell 0.92 percent and LG Electronics and KB Financial were unchanged.

The lead from Wall Street is positive as stocks opened higher on Wednesday, gave ground in the afternoon but still finished in the green.

The Dow added 76.71 points or 0.29 percent to 26,860.20, while the NASDAQ gained 60.80 points or 0.75 percent to 8,202.53 and the S&P 500 rose 13.44 points or 0.45 percent to 2,993.07.

Early buying interest was generated by Federal Reserve Chairman Jerome Powell's remarks before the House Financial Services Committee. Powell told lawmakers that crosscurrents, such as trade tensions and concerns about global growth, have continued to weigh on the U.S. economic outlook since the central bank's June meeting.

Powell's comments led to renewed optimism about a potential rate cut by the Fed at its next meeting later this month. Mirroring Powell's remarks, the minutes of the central bank's June meeting released later in the day said many participants believe the case for lowering interest rates has strengthened.

Crude oil prices rose sharply Wednesday after data showed a larger than expected decline in U.S. crude stockpiles last week. West Texas Intermediate Crude oil futures for August ended up $2.60 or 4.5 percent at $60.43 a barrel, a seven-week high.

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