South Korea Bourse May Stop The Bleeding On Friday

(RTTNews) - The South Korea stock market has finished lower in back-to-back sessions, slipping more than 15 points or 0.6 percent along the way. The KOSPI now sits just beneath the 2,570-point plateau although it's expected to find traction on Friday.

The global forecast for the Asian markets is upbeat on progress to end the debt ceiling situation in the United States. The European and U.S. markets mere up and the Asian bourses figure to follow that lead.

The KOSPI finished modestly lower on Thursday following losses from the automobile and chemical companies, while the financials and technology stocks were mixed.

For the day, the index shed 7.95 points or 0.31 percent to finish at 2,569.17. Volume was 664.2 million shares worth 9.04 trillion won. There were 436 decliners and 422 gainers.

Among the actives, Shinhan Financial dropped 1.00 percent, while KB Financial plunged 2.50 percent, Hana Financial skidded 1.09 percent, Samsung Electronics sank 0.70 percent, Samsung SDI slumped 1.39 percent, LG Electronics perked 0.16 percent, SK Hynix jumped 1.57 percent, Naver rallied 2.26 percent, LG Chem shed 0.87 percent, Lotte Chemical dipped 0.24 percent, S-Oil eased 0.14 percent, SK Innovation soared 2.64 percent, POSCO rose 0.28 percent, SK Telecom declined 0.91 percent, KEPCO spiked 1.62 percent, Hyundai Mobis lost 0.67 percent, Hyundai Motor declined 1.25 percent and Kia Motors tumbled 1.98 percent.

The lead from Wall Street is solid as the major averages quickly shook off a sluggish start and moved firmly into the green.

The Dow climbed 153.30 points or 0.47 percent to finish at 33,061.57, while the NASDAQ surged 165.70 points or 1.28 percent to end at 13,100.98 and the S&P 500 advanced 41.19 points or 0.99 percent to close at 4,221.02.

The strength that emerged on Wall Street came after the House voted Wednesday night to approve the bill raising the U.S. debt ceiling.

The legislation now heads to the Senate, where Majority Leader Chuck Schumer, D-N.Y., said he hopes lawmakers can work quickly and bring the bill to the president's desk "as soon as possible."

In economic news, payroll processor ADP said private sector employment in the U.S. jumped more than expected in May. Also, the Labor Department noted a slight increase in first-time claims for U.S. unemployment benefits last week.

Crude oil prices rose sharply Thursday on hopes OPEC will announce a cut in production. Oil prices were also supported by a weak U.S. dollar and the passage of the debt ceiling bill. West Texas Intermediate crude futures for July ended higher by $2.01 or 3 percent at $70.10 per barrel.