KOSPI May Extend Friday's Gains

(RTTNews) - The South Korea stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day winning streak in which it had climbed more than 40 points or 1.6 percent. The KOSPI now sits just beneath the 2,550-point plateau and it may tick higher again on Monday.

The global forecast for the Asian markets is positive on easing tariff tensions between the United States and China. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The KOSPI finished modestly higher on Friday following gains from the financial shares, chemical companies and technology stocks, while the automobile producers were soft.

For the day, the index climbed 23.97 points or 0.95 percent to finish at 2,546.30 after trading between 2,534.94 and 2,553.33. Volume was 386.27 million shares worth 8.2 trillion won. There were 645 gainers and 238 decliners.

Among the actives, Shinhan Financial rallied 2.05 percent, while KB Financial accelerated 2.72 percent, Hana Financial collected 0.66 percent, Samsung SDI rose 0.22 percent, LG Electronics jumped 1.85 percent, SK Hynix spiked 3.42 percent, Naver advanced 1.04 percent, LG Chem soared 2.31 percent, Lotte Chemical strengthened 1.43 percent, SK Innovation added 0.63 percent, POSCO climbed 1.17 percent, SK Telecom perked 0.17 percent, KEPCO gained 0.60 percent, Hyundai Mobis dropped 0.99 percent, Hyundai Motor eased 0.05 percent, Kia Motors shed 0.68 percent and Samsung Electronics was unchanged.

The lead from Wall Street is upbeat as the major averages opened mixed on Friday but a late rally pushed them all into the green by the close.

The Dow rose 20.10 points or 0.05 percent to finish at 40,113.50, while the NASDAQ rallied 216.94 points or 1.26 percent to close at 17,382.94 and the S&P 500 climbed 40.44 points or 0.74 percent to end at 5,525.21. For the week, the NASDAQ spiked 6.7 percent, the S&P 500 surged 4.6 percent and the Dow shot up by 2.5 percent.

The volatility on the day came as traders kept a close eye on the developments on the trade front, with President Donald Trump refuting China's claims that the two countries have not held any trade negotiations.

Several reports citing U.S. businesses also said China has exempted some U.S. imports from its 125 percent tariffs.

In U.S. economic news, the University of Michigan said consumer sentiment in the U.S. deteriorated less than previously estimated in the month of April.

Crude oil futures moved modestly higher on Friday amid signs of easing trade tensions between the U.S. and China. West Texas Intermediate crude for June delivery rose $0.23 or 0.4 percent to $63.02 a barrel. For the week, crude for June delivery tumbled $0.99 a barrel or 1.6 percent.