South Korea Bourse May See Renewed Consolidation

(RTTNews) - The South Korea stock market has alternated between positive and negative finishes through the last six sessions since the end of the two-day winning streak in which it had gathered almost 35 points or 1.7 percent. The KOSPI now rests just above the 2,090-point plateau although it figures to head south again on Friday.

The global forecast for the Asian markets suggests mild downside after the Federal Reserve kept interest rates unchanged. The European markets were down and the U.S. bourses were mixed and flat and the Asian markets figure to follow suit.

The KOSPI finished modestly higher on Thursday as gains from the technology stocks and financial shares were sapped by weakness from the industrials.

For the day, the index picked up 13.94 points or 0.67 percent to finish at 2,092.63 after trading between 2,092.36 and 2,120.88. Volume was 322.59 million shares worth 5.86 trillion won. There were 718 gainers and 131 decliners.

Among the actives, Samsung Electronics added 0.11 percent, while LG Electronics surged 3.86 percent, SK hynix soared 2.97 percent, LG Display jumped 1.49 percent, Hana Financial picked up 0.26 percent, Shinhan Financial collected 0.35 percent, Woori Bank advanced 1.27 percent, KB Financial climbed 0.94 percent, Hyundai Motor tumbled 1.86 percent, Kia Motors eased 0.18 percent and POSCO and SK Telecom both shed 0.37 percent.

The lead from Wall Street is soft as stocks fluctuated over the course of the trading session on Thursday before finishing mixed and little changed.

The Dow added 10.92 points or 0.04 percent to 26,191.22, while the NASDAQ lost 39.87 points or 0.53 percent to 7,530.88 and the S&P 500 fell 7.06 points or 0.25 percent to end at 2,806.83.

The mixed performance on Wall Street came after the Federal Reserve announced its widely anticipated decision to maintain the target range for the federal funds rate at 2 to 2.25 percent.

The Fed's accompanying statement noted a slowdown in the pace of growth in business investment, but the central bank reiterated further gradual increases in interest rates remain appropriate.

In economic news, the Labor Department noted a slight decrease in initial jobless claims in the week ended November 3.

Crude oil futures drifted lower on Thursday, extending losses to a ninth straight session on concerns over rising inventories and economic uncertainty. Crude oil futures for December ended down $1.00 or 1.6 percent at $60.67 a barrel, the lowest settlement price in about eight months.
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