KOSPI Poised To Extend Winning Streak

(RTTNews) – The South Korea stock market has moved higher in two straight sessions, collecting more than 30 points or 1.3 percent along the way. The KOSPI now rests just beneath the 2,445-point plateau and it’s tipped to open in the green again on Thursday.

The global forecast for the Asian markets is positive, with strength expected from the technology and banking stocks. The European and U.S. markets were firmly higher and the Asian bourses are expected to follow suit.

The KOSPI finished modestly higher on Wednesday following gains from the industrials and energy companies, while the financials and technology stocks were mixed.

For the day, the index improved 8.98 points or 0.37 percent to finish at 2,443.92. Volume was 487 million shares worth 8.6 trillion won. There were 553 gainers and 305 decliners.

Among the actives, Shinhan Financial collected 0.70 percent, while KB Financial rose 0.31 percent, Hana Financial sank 0.74 percent, Samsung Electronics lost 0.32 percent, Samsung SDI spiked 1.80 percent, LG Electronics jumped 1.70 percent, SK Hynix tumbled 1.70 percent, Naver dipped 0.20 percent, LG Chem was up 0.14 percent, Lotte Chemical skidded 1.13 percent, S-Oil rallied 1.41 percent, SK Innovation gained 0.80 percent, POSCO perked 0.59 percent, SK Telecom improved 0.72 percent, KEPCO strengthened 1.47 percent, Hyundai Mobis advanced 0.94 percent, Hyundai Motor accelerated 1.86 percent and Kia Motors soared 3.38 percent.

The lead from Wall Street is solid as the major averages opened sharply higher and stayed that way throughout the session.

The Dow jumped 323.35 points or 1.00 percent to finish at 32,717.60, while the NASDAQ surged 210.16 points or 1.79 percent to end at 11,926.24 and the S&P 500 spiked 56.54 points or 1.42 percent to end at 4,027.81.

The rally on Wall Street reflected a rebound by technology stocks, with the tech-heavy NASDAQ recovering from the pullback seen early in the week to hit its best closing level in over a month.

Semiconductor stocks led the recovery in the tech sector, driving the Philadelphia Semiconductor Index up 3.3 percent. Considerable strength was also visible among computer hardware stocks, as reflected by the 2.9 percent surge by the NYSE Arca Computer Hardware Index.

The markets also benefited from a continued easing of concerns about contagion from the recent turmoil in the banking sector.

Oil futures failed to hold early gains and ended modestly lower on Wednesday, despite data showing a drop in crude stockpiles last week. West Texas Intermediate Crude oil futures for May faded $0.23 or 0.3 percent at $72.97 a barrel, coming off a high of $74.37 a barrel.

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