(RTTNews) – The South Korea stock market bounced higher again on Wednesday, one day after snapping the two-day winning streak in which it had climbed more than 55 points or 2.1 percent. The KOSPI now rests just above the 2,615-point plateau and it’s tipped to open in the green again on Thursday.
The global forecast for the Asian markets is positive, with technology, retail and energy stocks expected to lead the way higher. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.
The KOSPI finished modestly higher on Wednesday as gains from the financials and oil companies were capped by weakness from the chemical companies and automobile producers.
For the day, the index added 11.35 points or 0.44 percent to finish at 2,617.22 after trading between 2,602.94 and 2,630.17. Volume was 698.94 million shares worth 8.2 trillion won. There were 485 gainers and 360 decliners.
Among the actives, Shinhan Financial advanced 0.83 percent, while KB Financial rose 0.34 percent, Hana Financial collected 0.42 percent, Samsung Electronics eased 0.15 percent, Samsung SDI improved 0.51 percent, SK Hynix lost 0.46 percent, LG Chem skidded 0.93 percent, Lotte Chemical sank 0.76 percent, S-Oil spiked 2.43 percent, SK Innovation climbed 1.23 percent, POSCO perked 0.52 percent, SK Telecom dipped 0.18 percent, KEPCO added 0.43 percent, Hyundai Motor shed 0.81 percent, Kia Motors dropped 0.84 percent and LG Electronics and Naver were unchanged.
The lead from Wall Street is upbeat as the major averages opened fairly flat on Wednesday and showed little movement in the morning but accelerated into the close to end solidly higher.
The Dow jumped 191.66 points or 0.60 percent to finish at 32,120.28, while the NASDAQ spiked 170.29 points or 1.51 percent to end at 11,434.74 and the S&P 500 gained 37.25 points or 0.95 percent to close at 3,978.73.
The higher close on Wall Street came as the minutes of the latest Federal Reserve meeting offered few surprises, although the central bank indicated it intends to move expeditiously to a more neutral monetary policy stance.
The shift toward a more neutral monetary policy stance comes as the Fed seeks to return inflation to its 2 percent goal while sustaining strong labor market conditions.
In economic news, the Commerce Department showed new orders for durable goods increased by less than expected in April.
Crude oil futures settled higher on Wednesday, lifted by tight supplies and expectations of higher demand during the summer driving season. West Texas Intermediate Crude oil futures for July gained $0.56 or 0.5 percent at $110.33 a barrel
Closer to home, the Bank of Korea will wrap up its monetary policy meeting on Thursday and then announce its decision on interest rates. The central bank is expected to hike its benchmark lending rate by 25 basis points, from 1.50 percent to 1.75 percent.
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