Rebound Expected For South Korea Stock Market

(RTTNews) - The South Korea stock market on Thursday halted the two-day winning streak in which it had gathered more than a dozen points or 0.6 percent. The KOSPI now rests just above the 2,065-point plateau although it may bounce higher again on Friday.

The global forecast for the Asian markets is upbeat on solid earnings news and rising crude oil prices. The European and U.S. markets were up and the Asian markets are tipped to follow that lead.

The KOSPI finished sharply lower on Thursday following losses from the technology stocks and industrial issues, while the financials came in mixed.

For the day, the index sank 25.09 points or 1.20 percent to finish at 2,067.69 after trading between 2,062.44 and 2,095.58. Volume was 733 million shares worth 5.96 trillion won. There were 542 decliners and 297 gainers.

Among the actives, Shinhan Financial lost 0.56 percent, while Hana Financial collected 0.68 percent, Samsung Electronics skidded 2.35 percent, SK hynix tumbled 3.49 percent, LG plunged 3.37 percent, LG Electronics retreated 2.07 percent, POSCO dropped 1.88 percent, KEPCO contracted 2.09 percent, Hyundai Steel declined 1.64 percent, Hyundai Motor shed 0.39 percent, Kia Motors advanced 0.95 percent and KB Financial and SK Telecom were unchanged.

The lead from Wall Street remains positive as stocks moved mostly higher on Thursday, extending recent gains and offsetting Monday's steep drop.

The Dow added 214.66 points or 0.84 percent to 25,862.68, while the NASDAQ gained 75.90 points or 0.97 percent to 7,898.05 and the S&P 500 rose 25.36 points or 0.89 percent to 2,876.32.

The strength on Wall Street reflected solid earnings news from companies like Walmart (WMT) and networking giant Cisco Systems (CSCO), who both beat the street.

In economic news, the Labor Department said initial jobless claims dropped more than expected last week, while the Commerce Department noted a substantial increase in new residential construction in April.

Crude oil prices climbed to a two-week high on Thursday, extending recent gains amid concerns about supply disruptions due to an escalation in tensions in the Middle East. West Texas Intermediate Crude oil futures for June ended up $0.85 or 1.4 percent at $62.87 a barrel.
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