KOSPI May Hand Back Friday's Gains

RTTNews | 5 hari yang lalu

(RTTNews) - The South Korea stock market on Friday snapped the brutal seven-day losing streak in which it had crashed more than 1,450 points or 22.5 percent. The KOSPI now sits just beneath the 5,670-point plateau although it may head south again on Monday.

The global forecast for the Asian markets is negative on rising oil prices and heavy pressure on technology stocks. The European markets were up and the U.S. bourses were down and the Asian markets are tipped to follow the latter lead.

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

For the day, the index jumped 113.83 points or 2.05 percent to 5,668.05 after trading between 5,590.33 and 5,809.94. Volume was 286.5 million shares worth 20 trillion won. There were 757 gainers and 134 decliners.

The lead from Wall Street is weak as the major averages opened mixed on Friday but trended lower throughout the session, finishing near daily lows.

The Dow dropped 175.29 points or 0.34 percent to finish at 52,002.41, while the NASDAQ plunged 572.97 points or 2.14 percent to close at 26,140.03 and the S&P 500 sank 84.62 points or 1.09 percent to end at 7,659.44. For the week, the Dow rose 0.7 percent, the NASDAQ plunged 4.5 percent and the S&P lost 2 percent.

A renewed sell-off among technology stocks weighed on the NASDAQ amid concerns about debt-fueled AI infrastructure spending. Computer hardware stocks again turned in some of the tech sector's worst performances, with the NYSE Arca Computer Hardware Index sinking 5.4 percent to a two-month closing low.

Adding to the negative sentiment, crude oil prices rallied again on Friday, surging above $100 a barrel for the first time in a month as Iran re-escalated its attacks in the Strait of Hormuz. West Texas Intermediate crude for November delivery spiked $3.33 or 3.4 percent to $101.30 a barrel.

In economic news, the Federal Reserve said industrial production in the U.S. increased by more than expected in September, rising 0.7 percent following a revised 0.1 percent uptick in August.

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EURUSD	1.1202	GBPUSD	1.3372
USDJPY	156.819	USDCAD	1.39976