South Korea Stock Market May Hand Back Thursday's Gains

(RTTNews) - The South Korea stock market has tracked higher in two of three trading days since the end of the three-day slide in which it had stumbled more than 30 points or 1.3 percent. The KOSPI now rests just above the 2,475-point plateau although it's expected to turn lower again on Friday.

The global forecast for the Asian markets is mixed to lower on renewed concerns over the outlook for interest rates. The European markets were up and the U.S. bourses were down and the Asian markets are tipped to follow the latter lead.

The KOSPI finished sharply higher on Thursday following gains from the technology, chemical, oil and automobile companies.

For the day, the index spiked 47.58 points or 1.96 percent to finish at 2,475.48. Volume was 378.9 million shares worth 8.97 trillion won. There were 671 gainers and 213 decliners.

Among the actives, Shinhan Financial fell 0.39 percent, while KB Financial skidded 1.19 percent, Hana Financial collected 0.23 percent, Samsung Electronics gained 2.41 percent, LG Electronics advanced 1.06 percent, SK Hynix strengthened 1.31 percent, Naver strengthened 2.32 percent, LG Chem skyrocketed 6.38 percent, Lotte Chemical added 0.40 percent, S-Oil and POSCO both climbed 1.08 percent, SK Innovation soared 3.23 percent, SK Telecom plunged 4.29 percent, KEPCO rose 0.38 percent, Hyundai Mobis jumped 1.65 percent, Hyundai Motor rallied 3.82 percent and Kia Motors surged 5.37 percent.

The lead from Wall Street is broadly negative as the major averages opened sharply lower on Thursday, pared the losses midday but then slumped again to finish near session lows.

The Dow plunged 431.20 points or 1.26 percent to finish at 33,696.85, while the NASDAQ tumbled 214.76 points or 1.78 percent to close at 11,855.83 and the S&P 500 dropped 57.19 points or 1.38 percent to end at 4,090.41.

The steep drop on Wall Street followed the Labor Department report showing a bigger than expected increase in producer prices, leading to renewed concerns about the outlook for interest rates.

A separate Labor Department report showed first-time claims for U.S. unemployment benefits unexpectedly edged slightly lower last week.

Oil futures settled lower on Thursday, extending losses to a third straight session on recent data showing a surge in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for March ended down $0.10 at $78.49 a barrel.