South Korea Stock Market May Be Stuck In Neutral On Friday

(RTTNews) - The South Korea stock market has finished higher in three straight sessions, advancing more than 70 points or 2.9 percent along the way. The KOSPI now rests just beneath the 2,480-point plateau and it's likely to remain in that neighborhood again on Friday.

The global forecast for the Asian markets is mixed and flat ahead of key U.S. employment data later in the day. The European and U.S. bourses were mixed and little changed and the Asian bourses are tipped to follow suit.

The KOSPI finished slightly higher on Thursday following gains from the financials and mixed performances from the oil and technology companies.

For the day, the index gained 7.31 points or 0.30 percent to finish at 2,479.84 after trading between 2,474.33 and 2,501.43. Volume was 482.6 million shares worth 8.7 trillion won. There were 642 gainers and 224 decliners.

Among the actives, Shinhan Financial collected 0.66 percent, while KB Financial jumped 1.90 percent, Hana Financial soared 3.25 percent, Samsung Electronics added 0.64 percent, LG Electronics retreated 1.43 percent, SK Hynix fell 0.35 percent, Naver rose 0.27 percent, LG Chem tumbled 2.43 percent, Lotte Chemical sank 0.82 percent, S-Oil added 0.46 percent, SK Innovation dropped 0.84 percent, POSCO perked 0.50 percent, SK Telecom climbed 1.00 percent, KEPCO dipped 0.24 percent, Hyundai Mobis was up 0.23 percent, Hyundai Motor improved 1.48 percent and Kia Motors was unchanged.

The lead from Wall Street is murky as the major averages were unable to hold early gains on Thursday, with only the NASDAQ able to break back into the green.

The Dow stumbled 194.76 points or 0.56 percent to finish at 34,395.01, while the NASDAQ added 14.45 points or 0.13 percent to close at 11,482.45 and the S&P 500 eased 3.54 points or 0.09 percent to end at 4,076.57.

The lack of direction shown by the broader markets came as traders looked ahead to the Labor Department's closely watched monthly jobs report later today.

The data could affect the outlook for interest rates, although the impact may be somewhat muted following Federal Reserve Chair Jerome Powell's remarks on Wednesday hinting at a slowdown in the pace of rate hikes as soon as next month.

In economic news, the Institute for Supply Management said manufacturing activity contracted for the first time in over two years in November. Also, the Labor Department said first-time claims for U.S. unemployment benefits pulled back by more than expected last week.

Crude oil futures settled higher Thursday on easing concerns about the outlook for energy demand, while a weaker dollar amid rising prospects of smaller rate hikes by the Fed also contributed to the increase in oil prices. West Texas Intermediate Crude oil futures for January gained $0.67 or 0.8 percent at $81.22 a barrel

Closer to home, South Korea will provide November numbers for consumer prices later this morning, with forecasts suggesting a flat monthly reading and an increase of 5.1 percent on year. That's down from the 0.3 percent monthly increase and the 5.7 percent annual gain in October.