KOSPI Expected To See Support At 2,100 Points

(RTTNews) - The South Korea stock market has finished lower in back-to-back trading days, giving away 8 points or 0.4 percent along the way. The KOSPI now rests just above the 2,100-point plateau although it figures to see a positive bounce on Friday.

The global forecast for the Asian markets is upbeat on rising oil prices and an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The KOSPI finished modestly lower on Thursday following losses from the financial shares, industrials and technology stocks.

For the day, the index fell 5.60 points or 0.27 percent to finish at 2,103.15 after trading between 2,081.92 and 2,108.01. Volume was 544 million shares worth 5.9 trillion won. There were 532 gainers and 289 decliners.

Among the actives, Shinhan Financial skidded 1.42 percent, while KB Financial retreated 1.23 percent, Hana Financial sank 0.93 percent, Samsung Electronics tumbled 1.91 percent, LG Electronics eased 0.12 percent, SK hynix plunged 3.35 percent, POSCO shed 1.44 percent, SK Telecom advanced 0.97 percent, KEPCO lost 0.76 percent, Kia Motors dropped 2.92 percent and LG Display and Hyundai Motor were unchanged.

The lead from Wall Street is positive as stocks bounced higher Thursday following two days of weakness, although the buying interest was somewhat subdued.

The Dow added 101.94 points or 0.39 percent to 26,106.77, while the NASDAQ gained 44.41 points or 0.57 percent to 7,837.13 and the S&P 500 rose 11.80 points or 0.41 percent to 2,891.64.

Continued optimism tame inflation will lead the Federal Reserve to cut interest rates contributed to the strength on Wall Street after a Labor Department report showed bigger than expected decreases in U.S. import and export prices.

Crude oil prices rebounded Thursday from five-month lows, as reports of an attack on oil tankers in the Gulf of Oman suggested a likely fall in crude supply in the international market. West Texas Intermediate Crude oil futures for July ended up $1.14 or 2.2 percent at $52.28 a barrel.
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