Additional Support Anticipated For South Korea Shares

(RTTNews) - The South Korea stock market has climbed higher in back-to-back sessions, improving almost 40 points or 1.8 percent along the way. The KOSPI now rests just beneath the 2,410-point plateau and it's poised to extend its gains on Friday.

The global forecast for the Asian markets is mixed to higher, with gains from the technology and property stocks likely capped by weakness from the energy companies. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KOSPI finished modestly higher on Thursday following gains from the financials, technology stocks and oil and chemical companies.

For the day, the index advanced 22.31 points or 0.93 percent to finish at 2,409.16 after trading between 2,387.91 and 2,411.96. Volume was 290.45 million shares worth 6.19 trillion won. There were 563 gainers and 266 decliners.

Among the actives, Shinhan Financial advanced 0.84 percent, while KB Financial collected 0.31 percent, Hana Financial spiked 2.19 percent, Samsung Electronics rallied 2.15 percent, LG Electronics was up 0.11 percent, SK Hynix gained 0.49 percent, Naver jumped 1.83 percent, LG Chem skyrocketed 5.37 percent, SK Innovation accelerated 2.52 percent, POSCO perked 1.29 percent, SK Telecom tanked 2.25 percent, KEPCO shed 0.68 percent, Kia Motors added 0.49 percent and Hyundai Motor, Lotte Chemical and S-Oil were unchanged.

The lead from Wall Street is upbeat as the major averages shook off early weakness on Thursday, moving solidly into the green as the day progressed.

The Dow jumped 162.06 points or 0.51 percent to finish at 32,036.90, while the NASDAQ spiked 161.96 points or 1.36 percent to end at 12,059.61 and the S&P 500 gained 39.05 points or 0.99 percent to close at 3,998.95.

The volatility on Wall Street came as traders expressed uncertainty about the outlook for the markets following the recent upward move. The NASDAQ benefitted from a significant advance by shares of Tesla (TSLA), which reported second quarter earnings that beat expectations.

The latest U.S. economic data may have also helped ease concerns about the outlook for interest rates, with the Labor Department noting that initial jobless claims unexpectedly rose to an eight-month high last week.

A separate report released by the Federal Reserve Bank of Philadelphia showed regional manufacturing activity unexpectedly contracted at a faster rate in July. The Conference Board also released a report showing its index of leading economic indicators decreased for the fourth straight month in June.

Crude oil prices tumbled on Thursday, extending losses from the previous session amid concerns about the outlook for energy demand in the near term due to slowing economic growth and rising interest rates. West Texas Intermediate Crude oil futures for September ended lower by $3.53 or 3.5 percent at $96.35 a barrel.