KOSPI May Challenge Resistance At 2,500 Points

RTTNews | 1071 days ago
KOSPI May Challenge Resistance At 2,500 Points

(RTTNews) - The South Korea stock market bounced higher again on Wednesday, one day after halting the six-day winning streak in which it had advanced more than 55 points or 2.4 percent. The KOSPI now rests just above the 2,460-point plateau and it's tipped to add to its winnings on Thursday.

The global forecast for the Asian markets is upbeat on easing fears of a worldwide economic slowdown. The European and U.S. markets were sharply higher and the Asian markets are tipped to open in similar fashion.

The KOSPI finished modestly higher on Wednesday following gains from the chemical companies and automobile producers, while the financials and technology stocks were mixed.

For the day, the index advanced 21.83 points or 0.89 percent to finish at the daily high of 2,461.45 after moving as low as 2,433.12. Volume was 463.71 million shares worth 6.6 trillion won. There were 576 gainers and 266 decliners.

Among the actives, Shinhan Financial rose 0.28 percent, while KB Financial collected 0.42 percent, Hana Financial dipped 0.14 percent, Woori Financial advanced 0.85 percent, Samsung Electronics slid 0.65 percent, Samsung SDI spiked 2.45 percent, LG Electronics gathered 0.32 percent, SK Hynix climbed 1.04 percent, Naver soared 3.86 percent, LG Chem improved 0.66 percent, Lotte Chem increased 0.56 percent, S-Oil lost 0.45 percent, SK Innovation rallied 2.78 percent, POSCO fell 0.21 percent, SK Telecom added 0.57 percent, KEPCO gained 0.46 percent, Hyundai Motor was up 0.25 percent, Hyundai Mobis jumped 1.99 percent and Kia Corporation perked 0.12 percent.

The lead from Wall Street is broadly positive as the major averages opened firmly in the green and accelerated as the session progressed.

The Dow surged 416.33 points or 1.29 percent to finish at 32,812.50, while the NASDAQ spiked 319.40 points or 2.59 percent to end at 12,668.16 and the S&P 500 sank 63.98 points or 1.56 percent to close at 4,155.17.

The rebound on Wall Street partly reflected a positive reaction to some upbeat U.S. economic data, which helped ease concerns about a recession.

The Institute for Supply Management noted an unexpected acceleration in the pace of growth in U.S. services sector activity in July. Also, the Commerce Department saw a sharp increase in new orders for U.S. manufactured goods in June.

Crude oil prices fell sharply Wednesday after data showed an unexpected surge in U.S. crude inventories last week. The dollar's strength after hawkish comments from a few Fed officials also weighed on oil prices.

Also, OPEC+ agreed to a tiny increase in output next month amid fears that a global recession will crimp demand. West Texas Intermediate Crude futures for September sank $3.76 or 4 percent at $90.66 a barrel.

read more
Bank Of Korea Keeps Rates Steady

Bank Of Korea Keeps Rates Steady

The Bank of Korea maintained its interest rate on Thursday as rising house prices and household debt pose risks to the financial stability amid escalating trade tensions weighing on economic growth outlook. The Monetary Policy Board decided to leave the Base Rate unchanged at 2.50 percent. The bank had previously reduced the benchmark rate by a quarter-point each in May and February.
RTTNews | 1h 9min ago
European Shares Set To Open Higher Despite Rising Trade Tensions

European Shares Set To Open Higher Despite Rising Trade Tensions

European stocks may open mostly higher on Thursday despite U.S. President Donald Trump escalating his tariff campaign, sending letters to six additional countries—Algeria, Iraq, Libya, Brunei, Moldova, and the Philippines—with fresh import duties ranging from 20-30 percent.
RTTNews | 2h 5min ago
European Economic News Preview: Germany Final Inflation Data Due

European Economic News Preview: Germany Final Inflation Data Due

Final inflation from Germany and industrial output from Italy are the top economic news due on Thursday. At 2.00 am ET, Destatis is scheduled to release Germany's final inflation data for June. Flash inflation showed that consumer price inflation eased to 2.0 percent from 2.1 percent in May.
RTTNews | 2h 25min ago
Sensex, Nifty Subdued On Trade Jitters

Sensex, Nifty Subdued On Trade Jitters

Indian shares were subdued on Thursday as U.S. President Donald Trump escalated his tariff campaign, sending letters targeting six additional countries—Algeria, Iraq, Libya, Brunei, Moldova, and the Philippines—with fresh import duties ranging from 20-30 percent.
RTTNews | 3h 17min ago
Australian Market Extends Early Gains In Mid-market

Australian Market Extends Early Gains In Mid-market

The Australian market is extending early gains in mid-market moves on Thursday, reversing the losses in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,600 level, with gains across all sectors led by technology and mining stocks.
RTTNews | 4h 15min ago
Asian Markets Track Wall Street Higher

Asian Markets Track Wall Street Higher

Asian stock markets are trading mostly higher on Thursday, following the broadly positive cues from Wall Street overnight, as traders are optimistic about an end to the tariff uncertainty after US President Donald Trump made it clear that he will not extend the August 1 deadline for trade deals, though he gets aggressive with tariff imposition.
RTTNews | 4h 19min ago
Sensex, Nifty Set For Muted Open

Sensex, Nifty Set For Muted Open

Indian shares look set to open on a flat note Thursday as investors watch the latest developments on the trade front, react to the latest FOMC meeting minutes and look for direction from Q1 business updates from prominent companies.
RTTNews | 5h 6min ago
Indonesia Stock Market May Extend Winning Streak

Indonesia Stock Market May Extend Winning Streak

The Indonesia stock market has moved higher in three straight sessions, gathering almost 80 points or 1.2 percent along the way. The Jakarta Composite Index now sits just above the 6,940-point plateau and it may add to its winnings again on Thursday.
RTTNews | 6h 7min ago