KOSPI May Challenge Resistance At 2,500 Points

(RTTNews) - The South Korea stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day winning streak in which it had advanced more than 35 points or 1.4 percent. The KOSPI market now rests just above the 2,470-point plateau and it's expected to extend its gains on Friday.

The global forecast for the Asian markets is positive on solid economic data and a spike in crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to follow suit.

The KOSPI finished barely higher on Thursday as gains from the chemical and automobile companies were capped by weakness from the technology stocks and a mixed picture from the financial sector.

For the day, the index perked 0.65 points or 0.03 percent to finish at 2,470.34. Volume was 337.26 million shares worth 7.5 trillion won. There were 443 decliners and 424 gainers.

Among the actives, Shinhan Financial skidded 1.00 percent, while KB Financial strengthened 1.54 percent, Hana Financial collected 0.34 percent, Samsung Electronics perked 0.14 percent, Samsung SDI tumbled 1.84 percent, LG Electronics rose 0.11 percent, SK Hynix plunged 2.90 percent, Naver tanked 2.06 percent, LG Chem climbed 1.00 percent, Lotte Chemical skyrocketed 6.37 percent, S-Oil rallied 1.52 percent, SK Telecom added 0.41 percent, KEPCO surged 4.19 percent, Hyundai Mobis spiked 2.44 percent, Hyundai Motor accelerated 2.00 percent, Kia Motors soared 5.80 percent and POSCO and SK Innovation were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher, gave ground midday but still finished well in the green.

The Dow jumped 242.74 points or 0.64 percent to finish at 38,049.13, while the NASDAQ added 28.58 points or 0.18 percent to close at 15,510.50 and the S&P 500 rose 25.61 points or 0.53 percent to end at a fresh record high of 4,894.16.

The early strength on Wall Street came following the release of a Commerce Department report showing stronger than expected U.S. economic growth as well as a slowdown in the pace of inflation in the fourth quarter of 2023.

Buying interest waned over the course of the session, however, as traders looked ahead to Friday's report on personal income and spending, which could have a significant impact on the outlook for interest rates.

Oil prices rose sharply on Thursday, continuing to benefit from Wednesday's data showing a larger-than-expected drop in U.S. crude inventory. West Texas Intermediate Crude oil futures for March surged $2.27 or 3 percent at $77.36 a barrel.