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South Korea Bourse May Crack Resistance At 2,200 Points

The South Korea stock market has alternated between positive and negative finishes through the last five trading days since the end of the two-day slide in which it had fallen almost 30 points or 1.5 percent. The KOSPI now rests just above the 2,185-point plateau and it may extend its gains on Friday.

The global forecast for the Asian markets is upbeat on easing geopolitical concerns in the Middle East. The European and U.S. markets finished higher and the Asian bourses are tipped to open in similar fashion.

The KOSPI finished sharply higher on Thursday following gains from the financial shares and technology stocks.

For the day, the index jumped 35.14 points or 1.63 percent to finish at the daily high of 2,186.45 after moving as low as 2,172.16. Volume was 583 million shares worth 7.04 trillion won. There were 737 gainers and 136 decliners.

Among the actives, Shinhan Financial collected 0.48 percent, while KB Financial added 0.76 percent, Hana Financial rose 0.29 percent, Samsung Electronics accelerated 3.17 percent, LG Electronics dropped 0.74 percent, LG Chem gained 1.49 percent, SK Hynix climbed 1.64 percent, POSCO perked 2.63 percent, SK Telecom fell 0.22 percent, KEPCO spiked 1.70 percent, Hyundai Motors shed 0.45 percent and Kia Motors skidded 1.33 percent.

The lead from Wall Street is positive as stocks saw continued upside on Thursday, propelling the major averages to fresh record closing highs.

The Dow added 212.08 points or 0.74 percent to 28,957.17, while the NASDAQ gained 74.18 points or 0.81 percent to 9,203.43 and the S&P 500 rose 21.65 points or 0.67 percent to 3,274.70.

Easing concerns about the conflict between the U.S. and Iran contributed to the continued strength on Wall Street amid signs of de-escalation.

Nonetheless, overall trading activity was subdued ahead of the release of the Labor Department's monthly jobs report later today.

Crude oil futures settled near four-week lows on Thursday as higher U.S. crude inventories and easing worries about U.S.-Iran standoff pushed prices down for a second straight session. West Texas Intermediate Crude oil futures for February ended down $0.05 or 0.03 percent at $59.56 a barrel, off the session's low of $58.66 a barrel.

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