(RTTNews) – The South Korea stock market bounced higher again on Thursday, one session after snapping the four-day winning streak in which it had surged more than 430 points or 8.2 percent. Now at a fresh record closing high, the KOSPI now sits just above the 5,575-point plateau although it may head south again on Friday.
The global forecast for the Asian markets is soft on ongoing geopolitical concerns. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.
The KOSPI finished sharply higher on Thursday following gins from the technology, chemical and automobile companies.
For the day, the index surged 170.24 points or 3.09 percent to finish at 5,677.25. Volume was 1.17 billion shares worth 28.59 trillion won. There were 666 gainers and 231 decliners.
Among the actives, Shinhan Financial tumbled 2.15 percent, while KB Financial dropped 0.83 percent, Hana Financial skidded 1.02 percent, Samsung Electronics rallied 4.86 percent, Samsung SDI surged 8.95 percent, LG Electronics vaulted 3.33 percent, SK Hynix expanded 1.59 percent, Naver rose 0.20 percent, LG Chem jumped 3.08 percent, Lotte Chemical improved 0.87 percent, SK Innovation soared 4.22 percent, POSCO Holdings increased 3.60 percent, SK Telecom plummeted 5.78 percent, KEPCO gained 3.85 percent, Hyundai Mobis strengthened 1.26 percent, Hyundai Motor accelerated 2.81 percent and Kia Motors spiked 3.60 percent.
The lead from Wall Street is weak as the major averages opened lower on Thursday and spent the entire session under water, ending off session lows.
The Dow stumbled 267.50 points or 0.54 percent to finish at 49,395.16, while the NASDAQ dropped70.91 points or 0.31 percent to close at 22,682.73 and the S&P 500 slipped 19.42 points or 0.28 percent to end at 6,861.89.
The weakness on Wall Street partly reflected a negative reaction to earnings news from Walmart (WMT) after the company provided weaker than expected earnings guidance for the current year.
Negative sentiment may also have been generated by a continued spike by the price of crude oil amid concerns about a military conflict between the U.S. and Iran.
However, traders seemed reluctant to make significant moves ahead of the release of closely watched readings on consumer price inflation on Friday. The data could have a significant impact on the outlook for interest rates.
Crude oil prices jumped again on Thursday amid concerns about a military conflict between the U.S. and Iran, with reports suggesting American military intervention may be imminent. West Texas Intermediate for March delivery was up $1.25 or 1.9 percent to $66.44 a barrel.
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