KOSPI Expected To Breach 3,200 Points

(RTTNews) - The South Korea stock market has moved higher in three straight sessions, collecting more than 25 points or 0.7 percent along the way. The KOSPI now sits just beneath the 3,200-point plateau and it may tick higher again on Monday.

The global forecast for the Asian markets is upbeat after the U.S. and the European Union ratified a trade agreement over the weekend. The European markets were mixed and the U.S. bourses were up and the Asian markets are expected to follow the latter lead.

The KOSPI finished slightly higher on Friday as gains from the financials were offset by weakness from the technology and automobile companies.

For the day, the index rose 5.60 points or 0.18 percent to finish at 3,196.05. Volume was 385.7 million shares worth 9.8 trillion won. There were 504 decliners and 370 gainers.

Among the actives, Shinhan Financial rallied 2.74 percent, while KB Financial collected 1.37 percent, Hana Financial jumped 1.65 percent, Samsung Electronics dipped 0.15 percent, Samsung SDI eased 0.16 percent, LG Electronics skidded 1.03 percent, SK Hynix retreated 1.30 percent, Naver soared 3.30 percent, LG Chem rose 0.32 percent, Lotte Chemical tanked 2.36 percent, SK Innovation stumbled 2.14 percent, POSCO Holdings fell 0.45 percent, KEPCO lost 0.48 percent, Hyundai Mobis gained 0.51 percent, Hyundai Motor shed 0.46 percent, Kia Motors dropped 0.86 percent and SK Telecom was unchanged.

The lead from Wall Street is positive as the major averages opened higher on Friday and tracked mostly higher throughout the session, sending the NASDAQ and the S&P 500 to fresh record closing highs.

The Dow jumped 208.02 points or 0.47 percent to finish at 44,901.92, while the NASDAQ added 50.32 points or 0.24 percent to close at 21,108.32 and the S&P 500 gained 25.29 points or 0.40 percent to end at 6,388.64.

The strength on Wall Street came on optimism that a number of trade deals will be worked out prior to President Donald Trump's August 1 deadline for the extension of his "reciprocal tariffs."

With only a few days left, several trading partners are trying to reach an agreement with the U.S. to avoid high tariff imposition on their exports to the U.S. from August 1; the U.S. and the EU have since reached an agreement over the weekend.

Crude oil fell on Friday on reports that the U.S. might allow partners of Venezuela's state-run PDVSA to resume operations, sparking concerns of over-supply. West Texas Intermediate crude for September delivery closed, down $0.88 or 1.33 percent to $65.15 per barrel.