Plus   Neg

South Korea Bourse Tipped To Extend Winning Streak

The South Korea stock market has finished higher in six straight sessions, collecting almost 80 points or 2.7 percent along the way. The KOSPI now sits just beneath the 3,145-point plateau and it's looking at another green light again on Friday.

The global forecast for the Asian markets is positive, with technology stocks expected to lead the way. The European and U.S. markets were up and the Asian markets are tipped to open in similar fashion.

The KOSPI finished slightly higher on Thursday as gains from the automobile producers were limited by weakness from the financials and a mixed picture from the technology stocks.

For the day, the index added 5.85 points or 0.19 percent to finish at 3,143.26 after trading between 3,122.09 and 3,145.81. Volume was 1.3 billion shares worth 16.8 trillion won. There were 487 gainers and 352 decliners.

Among the actives, Shinhan Financial lost 0.80 percent, while KB Financial retreated 1.49 percent, Hana Financial declined 1.54 percent, Samsung Electronics skidded 1.05 percent, LG Electronics tumbled 1.26 percent, SK Hynix added 0.35 percent, Naver sank 0.78 percent, LG Chem eased 0.12 percent, Lotte Chemical spiked 2.07 percent, S-Oil shed 0.50 percent, SK Innovation surged 4.73 percent, POSCO perked 0.76 percent, SK Telecom fell 0.36 percent, KEPCO dropped 0.83 percent, Hyundai Motor gained 0.65 percent, Kia Motors rallied 2.11 percent and Hyundai Mobis soared 5.66 percent.

The lead from Wall Street is upbeat as stocks moved mostly higher on Thursday - especially the tech-heavy NASDAQ.

The Dow added 57.31 points or 0.17 percent to finish at 33,503.57, while the NASDAQ jumped 140.47 points or 1.03 percent to end at 13,829.31 and the S&P 500 gained 17.22 points or 0.42 percent to close at 4,097.17.

The strength among tech stocks came following the Federal Reserve's repeated assurances that monetary policy is likely to remain unchanged for the foreseeable future.

Stocks saw continued strength following Federal Reserve Chair Jerome Powell's remarks, which said the economic recovery remains uneven and incomplete and that further coronavirus outbreaks could slow the pace of the recovery.

In U.S. economic news, the Labor Department said first-time claims for U.S. unemployment benefits unexpectedly increased last week.

Crude oil prices eased on Thursday, weighed down by concerns about the outlook for energy demand due to rising coronavirus cases and lockdown measures in several countries. West Texas Intermediate crude oil futures for May dipped $0.17 or 0.3 percent at $59.60 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT