Win Streak May Continue For South Korea Shares

(RTTNews) - The South Korea stock market has moved higher in two straight sessions, jumping more than 80 points or 3.3 percent along the way. The KOSPI now sits just above the 2,485-point plateau and it's expected to open in the green again on Thursday.

The global forecast for the Asian markets is cautiously optimistic thanks to the improving outlook for interest rates. The European and U.S. markets were slightly higher and the Asian bourses are expected to open in similar fashion.

The KOSPI finished sharply higher on Wednesday with gains across the board, particularly among the financials, technology stocks, chemicals and industrials.

For the day, the index rallied 53.42 points or 2.20 percent to finish at 2,486.67. Volume was 413.1 million shares worth 9.22 trillion won. There were 752 gainers and 140 decliners.

Among the actives, Shinhan Financial rallied 1.68 percent, while KB Financial spiked 2.06 percent, Hana Financial collected 1.45 percent, Samsung Electronics jumped 1.98 percent, Samsung SDI improved 3.10 percent, LG Electronics advanced 3.29 percent, SK Hynix gained 3.15 percent, Naver increased 3.47 percent, LG Chem soared 3.23 percent, Lotte Chemical skyrocketed 6.43 percent, S-Oil climbed 1.17 percent, SK Innovation surged 4.02 percent, POSCO added 0.53 percent, KEPCO rose 0.46 percent, Hyundai Mobis gathered 2.47 percent, Hyundai Motor accelerated 4.17 percent, Kia Motors was up 4.22 percent and SK Telecom was unchanged.

The lead from Wall Street suggests mild upside as the major averages opened higher on Wednesday and stayed largely in the green although finished with limited gains.

The Dow jumped 163.51 points or 0.47 percent to finish at 34,991.21, while the NASDAQ rose 9.45 points or 0.07 percent to close at 14,103.84 and the S&P 500 perked 7.18 points or 0.16 percent to end at 4,502.88.

The continued strength on Wall Street came as the latest inflation data added to optimism about the outlook for interest rates - especially after the Labor Department reported an unexpected decrease in U.S. producer prices in October.

Following Tuesday's tamer than expected consumer price inflation data, the latest report reinforced expectations that the Federal Reserve is done raising interest rates.

In economic news, the Commerce Department said retail sales in the U.S. edged slightly lower in October.

Crude oil prices tumbled on Wednesday after data showed a sharp increase in U.S. crude stockpiles and a big jump in crude production. West Texas Intermediate Crude oil futures for December lost $1.60 or 2 percent at $76.66 a barrel, falling for the first time in five sessions.