KOSPI Tipped To Reclaim 2,400-Point Level

(RTTNews) - The South Korea stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day losing streak in which it had dropped more than 65 points or 2.8 percent. The KOSPI now rests just above the 2,375-point plateau and it's expected to move back to the upside again on Friday.

The global forecast for the Asian markets is upbeat on easing concerns over the ability of financial markets. The European and U.S. markets were sharply higher and the Asian bourses are expected to follow that lead.

The KOSPI finished slightly lower on Thursday as losses from the financials, oil companies and industrials were mitigated by support from the technology shares.

For the day, the index dipped 1.81 points or 0.08 percent to finish at 2,377.91 after trading between 2,346.11 and 2,382.79. Volume was 314 million shares worth 7.7 trillion won. There were 670 decliners and 220 gainers.

Among the actives, Shinhan Financial plunged 2.82 percent, while KB Financial tanked 1.94 percent, Hana Financial tumbled 3.21 percent, Samsung Electronics rose 0.17 percent, Samsung SDI improved 0.68 percent, LG Electronics perked 0.09 percent, SK Hynix eased 0.13 percent, Naver gained 0.36 percent, LG Chem climbed 1.25 percent, Lotte Chemical added 0.69 percent, S-Oil plummeted 4.15 percent, SK Innovation dropped 1.03 percent, POSCO skidded 1.07 percent, SK Telecom sank 0.84 percent, KEPCO and Hyundai Motor both dipped 0.17 percent, Hyundai Mobis retreated 2.05 percent and Kia Motors shed 0.63 percent.

The lead from Wall Street is broadly positive as the major averages quickly shook off a soft start on Thursday and accelerated firmly into positive territory, finishing near session highs.

The Dow surged 371.98 points or 1,17 percent to finish at 32,246.55, while the NASDAQ rallied 283.22 points or 2.48 percent to end at 11,717.28 and the S&P 500 jumped68.35 points or 1.76 percent to close at 3,960.28.

Stocks rallied following news that 11 banks including JPMorgan Chase (JPM) and Morgan Stanley (MS) have pledged $30 billion to support First Republic Bank (FRC) to shore up the beleaguered lender.

News that Credit Suisse will borrow up to $54 billion from the Swiss central bank to shore up liquidity and investor confidence also helped ease recent concerns about turmoil in the banking sector.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits pulled back more than expected last week. Also, the Labor Department reported that import prices edged slightly lower in February.

Crude oil prices climbed higher Thursday on reports that Saudi Arabia's energy minister and Russia's deputy prime minister met to discuss about ways to enhance market stability. West Texas Intermediate Crude oil futures for April climbed $0.74 or 1.1 percent at $68.35 a barrel.