Mild Rebound Called For South Korea Stock Market

(RTTNews) – The South Korea stock market on Thursday halted the three-day winning streak in which it had advanced almost 30 points or 1.3 percent. The KOSPI now rests just above the 2,355-point plateau although it may tick higher again on Friday.

The global forecast for the Asian markets is cautiously optimistic on hopes for a stimulus bill in the United States. The European markets were mixed and flat and the U.S. markets were up and the Asian markets figure to split the difference.

The KOSPI finished modestly lower on Thursday as losses from the technology and oil stocks were mitigated by support from the financials and chemical companies.

For the day, the index fell 15.81 points or 0.67 percent to finish at 2,355.05 after trading between 2,339.73 and 2,360.22. Volume was 802 million shares worth 9.6 trillion won. There were 543 decliners and 303 gainers.

Among the actives, Shinhan Financial spiked 3.42 percent, while KB Financial climbed 1.09 percent, Hana Financial collected 2.39 percent, Samsung Electronics skidded 1.31 percent, LG Electronics sank 2.21 percent, SK Hynix shed 0.60 percent, Samsung SDI dropped 0.81 percent, LG Chem soared 3.57 percent, Lotte Chemical gained 0.41 percent, S-Oil lost 0.52 percent, SK Innovation declined 1.44 percent, POSCO perked 1.45 percent, SK Telecom rose 0.21 percent, KEPCO retreated 1.15 percent, Hyundai Motor tumbled 1.81 percent and Kia Motors fell 0.55 percent.

The lead from Wall Street is mildly positive as stocks fluctuated on Thursday, bouncing back and forth across the unchanged line before finishing slightly higher.

The Dow added 152.84 points or 0.54 percent to finish at 28,363.66, while the NASDAQ gained 21.31 points or 0.19 percent to end at 11,506.01 and the S&P 500 rose 17.93 points or 0.52 percent to close at 3,453.49.

The strength on Wall Street came as House Speaker Nancy Pelosi indicated Democrats and the White House continue to make progress toward an agreement on a new stimulus bill.

In economic news, the Labor Department said initial jobless claims came in below estimates last week. Also, the National Association of Realtors reported that existing home sales spiked by more than anticipated in September.

Crude oil prices moved higher Thursday, cutting into losses in the previous session after reports that Russian President Vladimir Putin said his country has not ruled out delaying OPEC+ production increases that are set for January. West Texas Intermediate Crude oil futures for December ended up $0.63 or 1.4 percent at $40.64 a barrel.

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