KOSPI Overdue For Consolidation On Friday

(RTTNews) - The South Korea stock market has moved higher in four straight sessions, surging almost 290 points or 4.4 percent on its way to a fresh record closing high. The KOSPI now sits just above the 6,475-point plateau although investors are likely to lock in gains on Friday.

The global forecast for the Asian markets is soft on surging crude oil prices that correspond with tensions in the Middle East. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to open lower.

The KOSPI finished modestly higher again on Thursday following gains from the financial shares, weakness from the automobile producers and mixed performances from the technology and chemical sectors.

For the day, the index advanced 57.88 points or 0.90 percent to finish at 6,475.81 after trading between 6,309.10 and 6,557.76. Volume was 1.03 billion shares worth 39.86 trillion won. There were 504 decliners and 357 gainers.

Among the actives, Shinhan Financial vaulted 1.32 percent, while KB Financial collected 0.38 percent, Hana Financial climbed 1.17 percent, Samsung Electronics soared 3.22 percent, Samsung SDI plunged 4.40 percent, LG Electronics tumbled 2.18 percent, SK Hynix perked 0.16 percent, Naver jumped 1.64 percent, LG Chem eased 0.13 percent, Lotte Chemical spiked 3.41 percent, SK Innovation shed 0.60 percent, POSCO Holdings tanked 1.91 percent, SK Telecom declined 1.50 percent, KEPCO fell 0.32 percent, Hyundai Mobis cratered 3.07 percent, Hyundai Motor retreated 1.66 percent and Kia Motors slumped 1.00 percent.

The lead from Wall Street is weak as the major averages opened lower on Thursday, dipped midday before ticking higher but still finished in the red.

The Dow dropped 179.71 points or 0.36 percent to finish at 49,310.32, while the NASDAQ sank 219.06 points or 0.89 percent to end at 24,438.50 and the S&P 500 lost 29.50 points or 0.41 percent to close at 7,108.40.

Profit taking contributed to the early weakness on Wall Street following Wednesday's rally, which sent the NASDAQ and S&P to record closing highs.

A steep drop by shares of IBM Corp. (IBM) also weighed on the markets, after the tech giant reported better than expected first quarter earnings but failed to raise its full-year guidance.

Concerns about a re-escalation of the U.S.-Iran war also weighed on the markets after President Donald Trump said he has ordered the Navy to "shoot and kill any boat" that is putting mines in the waters of the Strait of Hormuz.

Crude oil prices surged on Thursday as the Strait of Hormuz remains closed, keeping oil supply concerns elevated. West Texas Intermediate crude for June was up $2.49 or 2.68 percent at $95.45 per barrel.