(RTTNews) – The South Korea stock market has finished higher in seven straight sessions, collecting more than 225 points or 8.2 percent along the way. The KOSPI now rests just above the 2,920-point plateau and it’s tipped to open in the green again on Friday.
The global forecast for the Asian markets is murky amidst conflicting economic data, trade updates and geopolitical events. The European markets were down and the U.S. bourses were slightly higher and the Asian markets figure to follow the latter lead.
The KOSPI finished modestly higher on Thursday as gains from the chemical and automobile companies were capped by weakness from the financial sector and a mixed picture from the technology stocks.
For the day, the index added 12.99 points or 0.45 percent to finish at 2,920.03 after trading between 2,909.99 and 2,934.31. Volume was 695.5 million shares worth 17 trillion won. There were 518 gainers and 374 decliners.
Among the actives, Shinhan Financial stumbled 2.01 percent, while KB Financial slumped 1.21 percent, Hana Financial sank 0.77 percent, Samsung Electronics shed 0.67 percent, Samsung SDI dipped 0.20 percent, LG Electronics advanced 0.80 percent, SK Hynix tumbled 1.88 percent, Naver skidded 1.04 percent, LG Chem climbed 0.96 percent, Lotte Chemical rose 0.30 percent, SK Innovation added 0.31 percent, POSCO Holdings lost 0.38 percent, SK Telecom improved 0.74 percent, KEPCO strengthened 1.25 percent, Hyundai Mobis declined 1.39 percent, Hyundai Motor gained 0.25 percent and Kia Motors rallied 1.55 percent.
The lead from Wall Street is cautiously optimistic as the major averages opened lower on Thursday before finally ticking up into the green to finish slightly higher.
The Dow climbed 101.85 points or 0.24 percent to finish at 42,967.62, while the NASDAQ added 46.61 points or 0.24 percent to close at 19,662.48 and the S&P 500 rose 23.02 points or 0.38 percent to end at 6,045.26.
The turnaround on Wall Street comes as traders digest the latest U.S. inflation data, with a report from the Labor Department showing producer prices crept up by less than expected in May.
Stocks moved lower earlier in the day due in part to lingering uncertainty about trade amid a lack of details about the U.S.-China trade deal announced on Wednesday.
Crude oil futures showed a modest move back to the downside during trading on Thursday, with profit taking limited by rising tensions between the U.S. and Iran over the latter’s nuclear developments. West Texas Intermediate crude for July delivery eased $0.11 to $68.04 per barrel.
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