Profit Taking Expected For KOSPI On Friday

(RTTNews) - The South Korea stock market has tracked higher in four straight sessions, advancing almost 220 points or 5.5 percent in that span. The KOSPI sits just above the 4,170-point plateau although investors figure to cash in on Friday.

The global forecast for the Asian markets is broadly negative on continued uncertainty regarding the end of the U.S. government shutdown. The European and U.S. markets were sharply lower and the Asian bourses are expected to open in similar fashion.

The KOSPI finished modestly higher on Thursday following gains from the chemical companies, weakness from the financials and a mixed picture from the technology and industrial sectors.

For the day, the index added 20.24 points or 0.49 percent to finish at 4,170.63 after trading between 4,123.84 and 4,188.54. Volume was 421.75 million shares worth 17.36 trillion won. There were 475 gainers and 383 decliners.

Among the actives, Shinhan Financial slumped 0.86 percent, while KB Financial skidded 0.89 percent, Hana Financial eased 0.21 percent, Samsung Electronics dipped 0.29 percent, Samsung SDI soared 4.04 percent, LG Electronics fell 0.43 percent, SK Hynix dropped 0.81 percent, Naver improved 0.76 percent, LG Chem skyrocketed 6.61 percent, Lotte Chemical rallied 2.59 percent, SK Innovation rose 0.36 percent, POSCO Holdings advanced 0.94 percent, KEPCO soared 3.36 percent, Hyundai Motor accelerated 1.09 percent, Kia Motors shed 0.51 percent and SK Telecom and Hyundai Mobis were unchanged.

The lead from Wall Street is rough as the major averages opened slightly lower on Thursday but accelerated deeper into the red as the day progressed, ending near session lows.

The Dow plunged 779.86 points or 1.62 percent to finish at 47,474.96, while the NASDAQ tanked 536.10 points or 2.29 percent to end at 22,870.36 and the S&P 500 sank 114.20 points or 1.67 percent to close at 6,736.72.

The Dow pulled back well off the record closing high set on Wednesday amid a steep drop by shares of Disney (DIS), which came under pressure after the company reported fiscal fourth quarter earnings that exceeded analyst estimates but weaker than expected revenues.

Valuation concerns also continued to weigh on tech stocks, with AI darling and market leader Nvidia (NVDA) moving sharply lower along with tech heavyweights like Broadcom (AVGO) and Alphabet (GOOGL).

The weakness on Wall Street may also have reflected uncertainty whether key U.S. economic will be released following the end of the longest government shutdown in U.S. history.

Crude oil edged higher on Thursday as the end of the U.S. government shutdown has renewed confidence in consumption and energy demand. West Texas Intermediate crude for December delivery was up $0.22 or 0.38 percent at $58.71 per barrel.