South Korea Stock Market May Add To Thursday's Winnings

(RTTNews) - The South Korea stock market has moved higher in two of three trading days since the end of the four-day losing streak in which it had tumbled more than 120 points or 4.8 percent. The KOSPI now rests just above the 2,230-point plateau and it may extend its gains on Friday.

The global forecast for the Asian markets is upbeat, with support expected from the oil and technology sectors. The European and U.S. markets were firmly higher and the Asian bourses are expected to open in similar fashion.

The KOSPI finished sharply higher on Thursday following gains from the technology, oil, chemical and automobile sectors, while the financials were soft.

For the day, the index jumped 42.26 points or 1.84 percent to finish at 2,334.27 after trading between 2,307.90 and 2,344.14. Volume was 333 million shares worth 7.54 trillion won. There were 726 gainers and 152 decliners.

Among the actives, Shinhan Financial skidded 1.13 percent, while KB Financial collected 0.88 percent, Hana Financial tumbled 2.00 percent, Samsung Electronics rallied 3.19 percent, Samsung SDI surged 3.64 percent, LG Electronics soared 3.01 percent, SK Hynix jumped 1.95 percent, Naver improved 0.62 percent, LG Chem soared 3.56 percent, Lotte Chemical advanced 0.84 percent, S-Oil added 0.65 percent, SK Innovation rose 0.29 percent, KEPCO climbed 1.13 percent, Hyundai Motor strengthened 1.45 percent, Kia Motors gained 0.40 percent and POSCO and SK Telecom were unchanged.

The lead from Wall Street is broadly positive as the major averages opened solidly higher on Thursday and stayed that way throughout the session.

The Dow spiked 346.87 points or 1.12 percent to finish at 31,384.55, while the NASDAQ surged 259.49 points or 2.28 percent to end at 11,621.35 and the S&P 500 jumped 57.54 points or 1.50 percent to close at 3,902.62.

The higher open on Wall Street came as traders continued to digest the minutes from the Federal Reserve's June meeting, which all but assured another significant rate hike in the Fed's bid to bring down inflation.

In economic news, the Commerce Department said the U.S. trade deficit narrowed less than expected in May, while the Labor Department reported that initial jobless claims rose more than expected.

The closely watched non-farm payroll report for June is due out from the Labor Department later today.

Crude oil futures settled higher on Thursday, regaining ground after two days of losses. Data showing a decline in gasoline supply last week, and the dollar's weakness supported oil prices. West Texas Intermediate Crude oil futures for August ended higher by $4.20 or 4.3 percent at $102.73 a barrel.