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Rally Likely To Stall For South Korea Stock Market

The South Korea stock market has climbed higher in three straight sessions, advancing almost 30 points or 1.3 percent along the way. The KOSPI now rests just above the 2,370-point plateau although it may run out of steam on Thursday.

The global forecast for the Asian markets is soft on concerns over a new wave of the coronavirus and doubts about a new stimulus package to deal with it. The European and U.S. markets were down and the Asian markets are expected to open in similar fashion.

The KOSPI finished modestly higher on Wednesday as gains from the financials and telecoms were offset by weakness from the technology stocks and automobile producers.

For the day, the index climbed 12.45 points or 0.53 percent to finish at 2,370.86 after trading between 2,356.32 and 2,371.74. Volume was 802 million shares worth 9.7 trillion won. There were 675 gainers and 183 decliners.

Among the actives, Shinhan Financial collected 0.69 percent, while KB Financial jumped 1.72 percent, Hana Financial soared 3.29 percent, LG Electronics fell 0.33 percent, SK Hynix tumbled 1.64 percent, Samsung SDI rose 0.12 percent, LG Chem shed 0.64 percent, Lotte Chemical rallied 2.11 percent, S-Oil accelerated 2.28 percent, SK Innovation retreated 1.42 percent, POSCO perked 0.24 percent, SK Telecom spiked 2.15 percent, KEPCO surged 3.57 percent, Hyundai Motor skidded 1.19 percent, Kia Motors plunged 2.99 percent and Samsung Electronics was unchanged.

The lead from Wall Street is negative as stocks showed a lack of direction on Wednesday, bouncing back and forth across the unchanged line before finally finishing in the red.

The Dow shed 97.97 points or 0.35 percent to finish at 28,210.82, while the NASDAQ lost 31.80 points or 0.28 percent to end at 11,484.69 and the S&P 500 slid 7.56 points or 0.22 percent to close at 3,435.56.

The choppy trading on Wall Street came as traders kept an eye on the latest developments in Washington, as lawmakers try to reach an agreement on a new stimulus bill.

However, Senate Majority Leader Mitch McConnell revealed on Tuesday that he has warned the White House not to make a deal before the elections.

Federal Reserve Governor Lael Brainard urged Congress to pass a new relief bill in a speech at an online conference hosted by the Society of Professional Economists.

Crude oil prices tumbled Wednesday, weighed by concerns over a drop in energy demand following a smaller than expected drop in oil stockpiles and an increase in gasoline inventories. West Texas Intermediate Crude oil futures for December were down $1.67 or 4 percent at $40.03 a barrel.

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