KOSPI Expected To Erase Thursday's Losses

RTTNews | 21 dias atrás
KOSPI Expected To Erase Thursday's Losses

(RTTNews) - The South Korea stock market has finished lower in two of three trading days since the end of the three-day winning streak in which it had climbed more than 40 points or 1.6 percent. The KOSPI now sits just above the 2,520-point plateau although it's likely to bounce higher again on Friday.

The global forecast for the Asian markets is upbeat, with oil and technology stocks expected to lead the way higher. The European and U.S. markets finished solidly higher and the Asian bourses are also expected to open in the green.

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

For the day, the index dipped 3.23 points or 0.13 percent to finish at 2,522.33. Volume was 323.69 million shares worth 7.22 trillion won. There were 457 decliners and 403 gainers.

Among the actives, Shinhan Financial fell 0.31 percent, while KB Financial lost 0.47 percent, Hana Financial collected 1.00 percent, Samsung SDI stumbled 2.99 percent, LG Electronics slumped 1.40 percent, SK Hynix retreated 1.49 percent, Naver sank 0.73 percent, LG Chem slid 0.45 percent, Lotte Chemical eased 0.16 percent, SK Innovation dropped 0.84 percent, POSCO skidded 1.15 percent, SK Telecom rose 0.17 percent, KEPCO was down 0.40 percent, Hyundai Mobis added 0.20 percent, Hyundai Motor shed 0.58 percent, Kia Motors declined 1.33 percent and Samsung Electronics was unchanged.

The lead from Wall Street is broadly positive as the major averages opened mixed but quickly moved sharply higher, finishing near daily highs.

The Dow spiked 486.83 points or 1.23 percent to finish at 40,093.40, while the NASDAQ rallied 457.99 points or 2.74 percent to close at 17,166.04 and the S&P 500 jumped 108.91 points or 2.03 percent to end at 5,484.77.

Semiconductor stocks turned in some of the best performances on the day, resulting in a 5.6 percent spike by Philadelphia Semiconductor Index. Texas Instruments (TXN) and Lam Research (LRCX) fueled the rally on better than expected quarterly earnings.

Later in the day, Treasury Secretary Scott Bessent said the U.S. may reach "an agreement on understanding" on trade with South Korea "as soon as next week."

On the economic front, the Labor Department said first-time claims for U.S. unemployment benefits edged modestly higher last week. Also, the Commerce Department said new orders for U.S. manufactured durable goods surged much more than expected in March

Crude oil showed a modest move back to the upside on Thursday following the steep drop in the previous session. West Texas Intermediate crude for June delivery rose $0.16 or 0.3 percent to $62.43 a barrel after plunging $1.40 or 2.2 percent to $62.27 a barrel a day earlier.

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