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South Korea Stock Market May Extend Winning Streak

(RTTNews) - The South Korea stock market has climbed higher in three straight sessions, advancing almost 50 points or 2.4 percent along the way. The KOSPI now rests just beneath the 2,110-point plateau and it's expected to move higher again on Thursday.

The global forecast for the Asian markets is firm thanks to renewed optimism over the outlook for interest rates. The European markets were flat and the U.S. bourses were sharply higher and the Asian markets figure to follow the latter lead.

The KOSPI finished modestly higher on Wednesday as gains from the technology stocks were capped by weakness from the financial sector.

For the day, the index collected 8.80 points or 0.42 percent to finish at 2,108.22 after trading between 2,094.32 and 2,108.65. Volume was 274.54 million shares worth 4.59 trillion won. There were 418 decliners and 401 gainers.

Among the actives, Shinhan Financial tumbled 2.12 percent, while Woori Bank dropped 1.26 percent, Hana Financial plunged 1.90 percent, Samsung Electronics added 0.23 percent, LG Electronics gained 0.84 percent, SK hynix climbed 1.55 percent, SK Telecom advanced 1.97 percent, POSCO skidded 1.43 percent, KEPCO spiked 3.18 percent, Kia Motors perked 1.36 percent and KB Financial and Hyundai Motor were unchanged.

The lead from Wall Street is broadly positive as stocks opened higher Wednesday and the gains for the major averages accelerated in afternoon trade.

The Dow surged 617.70 points or 2.50 percent to 25,366.43, while the NASDAQ soared 208.89 points or 2.95 percent to 7,291.59 and the S&P jumped 61.61 points or 2.30 percent to 2,743.78.

The surge from Wall Street followed dovish remarks from Federal Reserve Chairman Jerome Powell, who said interest rates are still low by historical standards and said rates are currently "just below the broad range of estimates of the level that would be neutral for the economy."

In economic news, the Commerce Department reported a substantial decrease in new home sales in October, although September's total was upwardly revised.

Crude oil futures drifted lower on Wednesday amid concerns about excess supply after data showed a weekly increase in crude stockpiles in the U.S. Crude oil futures for January delivery ended down $1.27 or 2.5 percent at $50.29 a barrel, the lowest settlement in 13 months.
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