South Korea Shares Due For Consolidation

(RTTNews) - The South Korea stock market has finished higher in six straight sessions, collecting more than 210 points or 7.7 percent along the way. The KOSPI now rests just above the 2,900-point plateau although investors are likely to lock in gains on Thursday.

The global forecast for the overbought Asian markets is weak, with profit taking expected. The European and U.S. markets were mostly lower, and the Asian bourses are expected to follow that lead.

The KOSPI finished sharply higher on Wednesday following gains from the technology stocks and industrials, while the financial sector was down on profit taking.

For the day, the index advanced 35.19 points or 1.23 percent to finish at 2,907.04. Volume was 383.5 million shares worth 12.3 trillion won. There were 600 gainers and 281 decliners.

Among the actives, Shinhan Financial tumbled 1.81 percent, while KB Financial tanked 3.34 percent, Hana Financial shed 0.64 percent, Samsung Electronics climbed 1.18 percent, Samsung SDI advanced 0.89 percent, LG Electronics strengthened 1.22 percent, SK Hynix soared 4.12 percent, Naver added 0.50 percent, LG Chem improved 0.97 percent, Lotte Chemical lost 0.60 percent, SK Innovation eased 0.11 percent, POSCO Holdings spiked 1.72 percent, SK Telecom increased 1.70 percent, KEPCO surged 2.37 percent, Hyundai Mobis rallied 4.91 percent, Hyundai Motor jumped 2.03 percent and Kia Motors accelerated 2.54 percent.

The lead from Wall Street is soft as the major averages spent most of the day in positive territory before a late swoon sent them all into the red.

The Dow dipped 1.10 points or 0.00 percent to finish at 42,865.77, while the NASDAQ dropped 99.11 points or 0.50 percent to close at 19,615.88 and the S&P 500 sank 16.57 points or 0.27 percent to end at 6,022.24.

The downturn on Wall Street reflected profit taking after the early advance lifted the major averages to their best intraday levels in over three months.

The early strength in the markets followed the release of a closely watched Labor Department report showing U.S. consumer prices increased by slightly less than expected in the month of May.

Buying interest was also generated after U.S. and Chinese officials announced an agreement in principle on a framework to ease trade disputes between the two economic superpowers.

Crude oil prices surged on Wednesday amid the trade talks between the U.S. and China, as well as a fresh stand-off between the U.S. and Iran over a nuclear deal. West Texas Intermediate crude for July delivery closed up by $3.32 or 5.11 percent to settle at $68.30 per barrel.