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South Korea Bourse May Run Out Of Steam On Monday

The South Korea stock market has moved higher in consecutive trading days, gathering more than 45 points or 2.2 percent along the way. The KOSPI now rests just above the 2,150-point plateau although it may spin its wheels on Monday.

The global forecast for the Asian markets is negative on growing concerns about another wave of coronavirus. The European markets were down on Friday and the U.S. bourses were off, and the Asian markets are also tipped to open lower.

The KOSPI finished modestly higher on Friday following gains from the financial shares, technology stocks and industrial issues.

For the day, the index added 17.04 points or 0.80 percent to finish at 2,152.41 after trading between 2,135.30 and 2,153.54. Volume was 754 million shares worth 8.5 trillion won. There were 529 gainers and 307 decliners.

Among the actives, Shinhan Financial collected 0.50 percent, while KB Financial gathered 1.02 percent, Samsung Electronics climbed 1.32 percent, LG Electronics gained 0.62 percent, SK Hynix advanced 1.18 percent, Lotte Chemical soared 2.08 percent, LG Chem spiked 2.22 percent, SK Innovation added 0.38 percent, POSCO perked 0.28 percent, SK Telecom tumbled 1.78 percent, KEPCO rose 0.26 percent, Hyundai Motors was up 0.20 percent, Kia Motors eased 0.16 percent and Hana Financial and S-Oil were unchanged.

There is no lead from Wall Street, which was closed on Friday for the July 4 holiday, although the European markets ended lower on Friday as rising coronavirus cases in the U.S. raised fears of another lockdown in several states and dimmed hopes about a quick economic recovery.

According to reports, new cases of infection in the U.S. rose more than 53,000 in 24 hours Thursday, marking a record single-jump around the country and have continued that trend through the weekend.

In an interview with the Journal of the American Medical Association, Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said that the virus may be mutating to become more transmissible, with high viral loads.

The mood was bearish almost right through Friday's session. The pan European Stoxx 600 shed 0.78 percent. The U.K.'s FTSE 100 declined 1.33 percent, Germany's DAX shed 0.64 percent and France's CAC 40 slid 0.84 percent, while Switzerland's SMI ended down 0.61 percent.

Meanwhile, the German Parliament has passed a resolution saying that the European Central Bank (ECB) has met the requirements from a top German court concerning the bank's massive bond-buying program.

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