South Korea Bourse May Extend Wednesday's Gains

RTTNews | 684 일 전

(RTTNews) - The South Korea stock market had moved higher in two of three trading days since the end of the two-day slide in which it had stumbled more than 60 points or 2.5 percent. The KOSPI now sits just above the 2,450-point plateau and it's tipped to open in the green again on Thursday.

The global forecast for the Asian markets is mixed to higher on optimism over the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KOSPI finished sharply higher on Wednesday following gains from the technology, chemical and industrial stocks, while the financials were down on profit taking.

For the day, the index surged 47.50 points or 1.98 percent to finish at 2,450.08. Volume was 436.76 million shares worth 8.57 trillion won. There were 709 gainers and 180 decliners.

Among the actives, Shinhan Financial eased 0.14 percent, while KB Financial tumbled 1.77 percent, Hana Financial retreated 1.39 percent, Samsung Electronics jumped 2.71 percent, Samsung SDI spiked 4.29 percent, LG Electronics strengthened 1.43 percent, SK Hynix fell 0.25 percent, Naver advanced 0.94 percent, LG Chem soared 4.12 percent, Lotte Chemical gathered 0.23 percent, S-Oil stumbled 1.45 percent, SK Innovation surged 4.77 percent, POSCO rallied 2.84 percent, SK Telecom skidded 1.01 percent, KEPCO perked 0.06 percent, Hyundai Mobis rose 0.22 percent, Hyundai Motor accelerated 0.53 percent and Kia Motors added 0.48 percent.

The lead from Wall Street ends up positive as the major averages opened higher on Wednesday, slipped into the red midday but rallied late to end in positive territory.

The Dow added 65.57 points or 0.19 percent to finish at 33,804.87, while the NASDAQ jumped 96.83 points or 0.71 percent to close at 13,659.68 and the S&P 500 gained 18.71 points or 0.43 percent to end at 4,376.95.

The higher close on Wall Street came amid a continued decline by treasury yields, with yields pulling back further off their highest levels in over 16 years. Treasuries have recently benefited from their appeal as a safe haven amid the deadly conflict between Hamas and Israel.

Meanwhile, traders largely shrugged off a Labor Department report showing producer prices in the U.S. increased by slightly more than expected in September.

The Federal Reserve also released the minutes of its latest monetary policy meeting on Wednesday, reiterating that a majority of participants expect one more interest rate hike will likely be appropriate.

Crude oil futures settled lower on Wednesday, extending losses from the previous session, as Saudi Arabia's pledge to help stabilize the market outweighed concerns about supply disruptions amid the tensions in the Middle East. West Texas Intermediate Crude oil futures for November sank $83.49 a barrel, down $2.48 or 2.9 percent.

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A report released by the Conference Board on Tuesday showing a modest deterioration by consumer confidence in the U.S. in the month of August. The Conference Board said its consumer confidence index dipped to 97.4 in August from an upwardly revised 98.7 in July.

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U.S. Durable Goods Orders Slump 2.8% In July, Much Less Than Expected

Reflecting a continued plunge by orders for transportation equipment, the Commerce Department released a report on Tuesday showing a steep drop by new orders for U.S. manufactured durable goods in the month of July. The Commerce Department said durable goods orders slumped by 2.8 percent in July after plummeting by a revised 9.4 percent in June.

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