KOSPI Called Soft Upon Return From Holiday Break

(RTTNews) - Ahead of the long Chuseok holiday week, the South Korea stock market had moved higher in two straight sessions, accelerating nearly 125 points or 3.6 percent in that span. Now at a fresh record closing high, the KOPSI sits just beneath the 3,550-point plateau and it may remain stuck in neutral on Friday.

The global forecast for the Asian markets is weak on waning optimism over the outlook for interest rates. The European and U.S. markets were down and the Asian markets are expected to open in similar fashion.

The KOSPI finished sharply higher on Oct. 2 following gains from the financial shares, technology stocks and automobile producers.

For the day, the index surged 93.38 points or 2.7 percent to finish at 3,549.21 after trading between 3,512.16 and 3,565.96. Volume was 394.92 million shares worth 18.57 trillion won. There were 589 gainers and 291 decliners.

Among the actives, Shinhan Financial strengthened 1.28 percent, while KB Financial collected 0.43 percent, Hana Financial jumped 2.20 percent, Samsung Electronics spiked 3.49 percent, Samsung SDI climbed 1.00 percent, LG Electronics improved 1.73 percent, SK Hynix skyrocketed 9.86 percent, Naver shed 0.59 percent, LG Chem perked 0.07 percent, Lotte Chemical slumped 1.03 percent, SK Innovation soared 5.01 percent, POSCO Holdings sank 0.73 percent, KEPCO dipped 0.14 percent, Hyundai Mobis added 0.51 percent, Hyundai Motor accelerated 2.09 percent, Kia Motors rallied 3.58 percent and SK Telecom was unchanged.

The lead from Wall Street is soft as the major averages opened flat but quickly turned lower and spent the balance of the day in the red.

The Dow dropped 243.36 points or 0.52 percent to finish at 46,358.42, while the NASDAQ slipped 18.75 points or 0.08 percent to close at 23,023.62 and the S&P 500 sank 18.61 points or 0.28 percent to end at 6,735.11.

The pullback on Wall Street reflected profit taking following recent strength in the markets, which came amid persistent optimism about the artificial intelligence trade.

Investors may also have begun to express concerns about the ongoing U.S. government shutdown, which entered its ninth day with no end in sight.

Traders also kept an eye on remarks by several Federal Reserve officials, with Fed Governor Michael Barr said the central bank should move "cautiously" due to considerable uncertainty about the future course of the economy.

Crude oil prices fell sharply on Thursday due to the possible easing of hostilities in the Middle East. West Texas Intermediate crude for November delivery was down $1.10 or 1.76 percent at $61.45 per barrel.