Higher Open Anticipated For South Korea Shares

(RTTNews) - The South Korea stock market bounced higher again on Friday, one day after ending the four-day winning streak in which it had skyrocketed more than 1,000 points or 12.3 percent. Now at a fresh record closing high, the KOSPI sits just above the 8,475-point plateau and it's expected to open to the upside again on Monday.

The global forecast for the Asian markets is cautiously optimistic on easing oil prices and hopes for an end to the U.S.-Iran conflict. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KOSPI finished sharply higher on Friday following gains from the financial shares, technology stocks and automobile producers.

For the day, the index surged 290.86 points or 3.55 percent to finish at 8,476.15 after peaking at 8,615.09. Volume was 701.5 million shares worth 73.7 trillion won. There were 686 decliners and 205 gainers.

Among the actives, Shinhan Financial collected 0.86 percent, while KB Financial added 0.60 percent, Hana Financial eased 0.17 percent, Samsung Electronics vaulted 5.84 percent, Samsung SDI expanded 1.78 percent, LG Electronics skyrocketed 29.93 percent, SK Hynix climbed 1.92 percent, Naver soared 14.15 percent, LG Chem spiked 2.82 percent, Lotte Chemical dropped 0.98 percent, SK Innovation strengthened 1.88 percent, POSCO Holdings gained 0.83 percent, SK Telecom rallied 3.82 percent, KEPCO fell 0.38 percent, Hyundai Mobis surged 11.95 percent, Hyundai Motor accelerated 6.79 percent and Kia Motors jumped 2.98 percent.

The lead from Wall Street is mildly positive as the major averages opened higher on Friday and remained largely in the green throughout the trading day, ending at fresh record closing highs.

The Dow jumped 363.46 points or 0.72 percent to finish at 51,032.46, while the NASDAQ added 55.12 points or 0.20 percent to end at 26,972.62 and the S&P 500 rose 16.43 points or 0.22 percent to end at 7,580.06.

For the holiday-shortened week, the NASDAQ surged 2.4 percent, the S&P 500 jumped 1.4 percent and the Dow advanced 0.9 percent.

The higher close on Wall Street came as traders generally remain optimistic about a U.S.-Iran deal but seemed to be waiting for more concrete developments before making more significant moves. Recent reports have suggested the U.S. and Iran have agreed to a framework for a 60-day extension of the ceasefire.

Positive sentiment may have been generated in reaction a sharp increase by shares of Dell Technologies (DELL), which skyrocketed after the company reported better than expected fiscal Q1 results and raised its full-year guidance.

Crude oil prices tumbled Friday on expectations of the U.S. and Iran signing an agreement, which would allow for the immediate reopening of the Strait of Hormuz and pave the way for the resumption of oil and energy trade. West Texas Intermediate crude for July delivery was down $1.65 or 1.86 percent at $87.25 per barrel.