KOSPI May Again Challenge 3,200-Point Level

(RTTNews) - The South Korea stock market has moved higher in back-to-back sessions, collecting more than 20 points or 0.6 percent along the way. The KOSPI now sits just above the 3,190-point plateau and it may tick higher again on Friday.

The global forecast for the Asian markets is cautiously optimistic on the improving outlook for trade deals. The European and U.S. markets were mixed and little changed and the Asian markets are likely to follow that lead, with some profit taking in order.

The KOSPI finished slightly higher on Thursday as gains from the financial and chemical companies were capped by weakness from the technology and industrial sectors.

For the day, the index rose 6.68 points or 0.21 percent to finish at 3,190.45. Volume was 422.4 million shares worth 12.9 trillion won. There were 707 decliners and 192 gainers.

Among the actives, Shinhan Financial jumped 1.76 percent, while KB Financial strengthened 1.65 percent, Hana Financial collected 0.22 percent, Samsung Electronics shed 0.60 percent, Samsung SDI rallied 3.09 percent, LG Electronics retreated 1.52 percent, SK Hynix perked 0.19 percent, Naver tumbled 1.94 percent, LG Chem surged 4.68 percent, Lotte Chemical improved 1.49 percent, SK Innovation added 0.52 percent, POSCO Holdings fell 0.30 percent, SK Telecom slumped 1.07 percent, KEPCO lost 0.40 percent, Hyundai Mobis dropped 1.00 percent, Hyundai Motor stumbled 2.03 percent and Kia Motors skidded 1.04 percent

The lead from Wall Street suggests mild upside as the major averages opened mixed on Thursday and closed in the same fashion.

The Dow stumbled 316.38 points or 0.70 percent to finish at 44,693.91, while the NASDAQ gained 37.94 points or 0.18 percent to close at 21,057.96 and the S&P 500 rose 4.44 points or 0.07 percent to end at 6,363.35.

The strength on Wall Street came on optimism that the U.S. could sign up more deals with its remaining trading partners before President Donald Trump's Aug. 1 deadline.

As UK, China, Vietnam, and Indonesia have come to an agreement with the U.S. already, Canada, India, South Korea, and the EU are ramping up their efforts. U.S. Secretary of the Treasury Scott Bessent reportedly said that the talks were "going better than they had been," and that progress was being made.

In economic news, the Commerce Department said that new home sales in the U.S. rebounded less than expected in June. Also, the Labor Department said U.S. initial jobless claims unexpectedly fell last week.

Crude oil rose on Thursday after the U.S. Energy Information Administration said crude stockpiles declined more than expected last week. West Texas Intermediate crude for September was up $0.87 or 1.33 percent to $66.12 per barrel.