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South Korea Bourse May Find Traction On Friday

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The South Korea stock market has finished lower in two straight sessions, sliding almost 25 points or 1.2 percent along the way. The KOSPI now rests just above the 2,065-point plateau although it may stop the bleeding on Friday.

The global forecast for the Asian markets is mildly positive on an improved outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.

The KOSPI finished modestly lower on Thursday following mixed performances from the financial shares and technology stocks.

For the day, the index shed 6.37 points or 0.31 percent to finish at 2,066.55 after trading between 2,061.33 and 2,073.20. Volume was 437 million shares worth 3.85 trillion won. There were 485 decliners and 322 gainers.

Among the actives, Shinhan Financial and Samsung Electronics both added 0.11 percent, while KB Financial collected 0.22 percent, Hana Financial plunged 2.21 percent, LG Electronics plummeted 2.81 percent, LG Display skidded 1.18 percent, Samsung SDI perked 0.41 percent, SK hynix rose 0.13 percent, POSCO dropped 0.85 percent, SK Telecom was up 0.19 percent, KEPCO advanced 0.20 percent, Hyundai Motor gained 0.37 percent and Kia Motors climbed 1.06 percent.

The lead from Wall Street is cautiously optimistic as stocks saw considerable volatility on Thursday, with the major averages swinging back and forth across the unchanged line before ending higher.

 

The Dow added 3.12 points or 0.01 percent to 27,222.97, while the NASDAQ gained 22.04 points or 0.27 percent to 8,207.24 and the S&P 500 rose 10.69 points or 0.36 percent to 2,995.11.

The higher close on Wall Street came as comments from New York Federal Reserve President John Williams seemed to endorse a near-term interest rate cut by the Fed.

Buying interest was somewhat subdued, however, as traders were also digesting news that the U.S. Navy has shot down an Iranian drone in the Strait of Hormuz.

Crude oil futures declined sharply Thursday as resumption of service in the Gulf of Mexico raised concerns about excess supply in the market. West Texas Intermediate Crude oil futures for August ended down $1.48 or 2.6 percent at $55.30 a barrel.

 

 


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