KOSPI May Extend Thursday's Gains

(RTTNews) - The South Korea stock market bounced higher again on Thursday, one day after ending the two-day winning streak in which it had picked up almost 35 points or 1.2 percent. The KOSPI now sits just above the 3,115-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets is positive thanks to better than expected U.S. employment data. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The KOSPI finished sharply higher on Thursday following gains from the financial shares, technology stocks and chemical companies.

For the day, the index jumped 41.21 points or 1.34 percent to finish at the daily high of 3,116.27 after moving as low as 3,085.98. Volume was 527.53 million shares worth 14.68 trillion won. There were 607 gainers and 282 decliners.

Among the actives, Shinhan Financial collected 1.37 percent, while KB Financial advanced 0.97 percent, Hana Financial jumped 1.98 percent, Samsung Electronics rallied 2.22 percent, Samsung SDI soared 3.52 percent, LG Electronics accelerated 2.23 percent, SK Hynix sank 0.72 percent, Naver climbed 0.99 percent, LG Chem surged 7.08 percent, Lotte Chemical expanded 4.76 percent, SK Innovation strengthened 1.36 percent, POSCO Holdings skyrocketed 9.72 percent, SK Telecom fell 0.52 percent, KEPCO eased 0.14 percent, Hyundai Mobis advanced 0.84 percent, Hyundai Motor shed 0.47 percent and Kia Motors lost 0.60 percent.

The lead from Wall Street is upbeat as the major averages opened higher on Thursday and remained in the green throughout the shortened session ahead of the July 4 holiday.

The Dow rallied 344.11 points or 0.77 percent to finish at 44,828.53, while the NASDAQ jumped 207.97 points or 1.02 percent to close at 20,601.10 and the S&P 500 gained 51.93 points or 0.83 percent to end at 6,279.35.

The continued strength on Wall Street followed the release of the Labor Department report showing U.S. employment increased more than expected in June. The Labor Department said non-farm payroll employment shot up by 147,000 jobs in June after jumping by an upwardly revised 144,000 jobs in May.

Traders reacted positively to the data even though the stronger than expected job growth is likely to reduce the chances of a near-term interest rate cut by the Federal Reserve.

Crude oil settled lower on Thursday as excess U.S. inventories and an upcoming OPEC+ meeting triggered supply side concerns. West Texas Intermediate crude for August delivery closed down by $0.45, to settle at $67 per barrel.

Closer to home, South Korea will provide May figures for current account later this morning; in April, the current account surplus was $5.70 billion.