South Korea Stock Market May Add To Its Winnings

(RTTNews) - The South Korea stock market bounced higher again on Wednesday, one day after snapping the two-day winning streak in which it had accelerated more than 50 points or 2.2 percent. The KOSPI now rests just above the 2,385-point plateau and it's poised to extend its gains on Thursday.

The global forecast for the Asian markets is upbeat, with technology stocks expected to lead the way higher. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.

The KOSPI finished modestly higher on Wednesday following gains from the financials, technology stocks and oil and chemical companies.

For the day, the index advanced 15.88 points or 0.67 percent to finish at 2,386.85 after trading between 2,382.65 and 2,410.06. Volume was 328.96 million shares worth 7.36 trillion won. There were 630 gainers and 228 decliners.

Among the actives, Shinhan Financial soared 2.75 percent, while KB Financial surged 4.75 percent, Hana Financial accelerated 2.66 percent, Samsung Electronics shed 0.66 percent, Samsung SDI jumped 2.57 percent, SK Hynix rallied 2.00 percent, Naver climbed 1.03 percent, LG Chem spiked 3.65 percent, Lotte Chem improved 1.19 percent, S-Oil added 0.54 percent, SK Innovation advanced 0.85 percent, POSCO perked 0.87 percent, SK Telecom retreated 1.30 percent, Hyundai Motor rose 0.27 percent, Kia Company lost 0.61 percent and KEPCO was unchanged.

The lead from Wall Street is positive as the major averages opened mixed and remained that way through much of the session before a late rally pushed them all into the green by the close.

The Dow added 47.79 points or 0.15 percent to finish at 31,874.84, while the NASDAQ surged 184.50 points or 1.58 percent to end at 11,897.65 and the S&P 500 rose 23.21 points or 0.59 percent to close at 3,959.90.

The jump by the NASDAQ reflected strength among tech stocks, which came amid a positive reaction to earnings news from Netflix (NFLX). Semiconductor stocks also turned in a strong performance on the day, with the Philadelphia Semiconductor Index spiking by 2.5 percent.

On the other hand, gold stocks came under pressure over the course of the session, dragging the NYSE Arca Gold Bugs Index down by 3.1 percent. The weakness among gold stocks came as the price of gold for August delivery fell $10.50 to $1,700.20 an ounce.

In U.S. economic news, the National Association of Realtors reported that existing home sales tumbled by much more than expected in June.

Crude oil futures settled lower Wednesday amid concerns about the outlook for gasoline demand during the summer driving season. West Texas Intermediate Crude oil futures for August ended lower by $1.96 or 1.9 percent at $102.26 a barrel on the expiration day.