KOSPI Expected To Reclaim Support At 2,500 Points

(RTTNews) - The South Korea stock market on Thursday ended the five-day losing streak in which it had stumbled more than 90 points or 3.6 percent. The KOSPI now rests just above the 2,495-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets is upbeat thanks to an earnings-driven rally among technology stocks. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets figure to follow the latter leads.

The KOSPI finished modestly higher on Thursday as gains from the technology stocks and industrials were offset by weakness from the financial sector.

For the day, the index gained 10.98 points or 0.44 percent to finish at 2,495.81 after trading between 2,465.83 and 2,499.01. Volume was 722.69 million shares worth 10.97 trillion won. There were 465 decliners and 405 gainers.

Among the actives, Shinhan Financial retreated 1.27 percent, while KB Financial stumbled 1.43 percent, Hana Financial dropped 0.95 percent, Samsung Electronics improved 0.78 percent, Samsung SDI added 0.43 percent, LG Electronics lost 0.65 percent, SK Hynix strengthened 1.60 percent, Naver perked 0.05 percent, LG Chem rallied 1.93 percent, Lotte Chemical shed 0.48 percent, S-Oil plunged 3.83 percent, POSCO soared 4.17 percent, SK Telecom fell 0.32 percent, KEPCO jumped 1.79 percent, Hyundai Mobis dipped 0.23 percent, Hyundai Motor rose 0.25 percent and Kia Motors climbed 1.05 percent.

The lead from Wall Street is broadly positive as the major averages opened higher on Thursday and accelerated as the day progressed, ending near session highs.

The Dow surged 524.29 points or 1.57 percent to finish at 33,826.16, while the NASDAQ soared 287.89 points or 2.43 percent to end at 12,142.24 and the S&P 500 jumped 79.36 points or 1.96 percent to close at 4,135.35.

The rally on Wall Street partly reflected a positive reaction to upbeat earnings news from Facebook parent Meta Platforms (META), which reported better than expected first quarter results and provided upbeat guidance for the current quarter.

Media conglomerate Comcast (CMCSA) also moved sharply higher after reporting first quarter earnings that exceeded analyst estimates. Big-name companies like eBay (EBAY), Honeywell (HON) and Eli Lilly (LLY) also posted strong gains after reporting their quarterly results.

Meanwhile, traders shrugged off a Commerce Department report showing U.S. economic growth slowed more than expected in the first quarter of 2023. Also, the Labor Department said first-time claims for U.S. unemployment benefits unexpectedly declined last week.

Crude oil prices climbed higher on Thursday, supported by data showing a drop in crude inventories in the U.S. last week. West Texas Intermediate Crude oil futures for June ended higher by $0.46 or 0.6 percent at $74.76 a barrel.