KOSPI: Resistance Expected At 2,500 Points

(RTTNews) - The South Korea stock market has finished higher in back-to-back sessions, gathering almost 25 points or 1 percent along the way. The KOSPI now rests just above the 2,495-point plateau although the rally may run out of steam on Thursday.

The global forecast for the Asian markets is mixed to lower amid waning momentum and a lack of catalysts. The European and U.S. markets were mixed and the Asian bourses are expected to open to the downside.

The KOSPI finished modestly higher again on Wednesday as gains from the industrials and technology stocks were capped by weakness from the energy companies and mixed performances from the financials and chemicals.

For the day, the index added 14.70 points or 0.59 percent to finish at 2,495.21 after trading between 2,478.67 and 2,497.61. Volume was 624.56 million shares worth 9.6 trillion won. There were 458 decliners and 415 gainers.

Among the actives, Shinhan Financial fell 0.28 percent, while KB Financial collected 0.21 percent, Samsung Electronics gained 0.47 percent, Samsung SDI skyrocketed 7.16 percent, LG Electronics increased 0.78 percent, SK Hynix perked 0.12 percent, Naver dropped 0.90 percent, LG Chem climbed 1.39 percent, Lotte Chemical sank 0.75 percent, S-Oil skidded 1.09 percent, SK Innovation skidded 1.16 percent, POSCO jumped 1.77 percent, SK Telecom added 0.52 percent, KEPCO eased 0.11 percent, Hyundai Mobis improved 1.40 percent, Hyundai Motor accelerated 1.58 percent, Kia Motors strengthened 1.50 percent and Hana Financial was unchanged.

The lead from Wall Street continues to be inconsistent as the NASDAQ and S&P opened under pressure on Wednesday and remained that way throughout, while the Dow stayed mostly positive.

The Dow gained 80.34 points or 0.24 percent to finish at 33,482.72, while the NASDAQ tumbled 129.47 points or 1,07 percent to end at 11,996.86 and the S&P 500 sank 10.22 points or 0.25 percent to close at 4,090.38.

The uptick by the Dow was partly due to a strong gain by shares of Johnson & Johnson (JNJ), with the healthcare giant surging by 4.5 percent after the company announced it has agreed to pay $8.9 billion over 25 years to settle outstanding claims.

Meanwhile, concerns about the economic outlook weighed on the NASDAQ and the S&P following the release of disappointing data.

Payroll processor ADP said that private sector employment increased less than expected in March. And the Institute for Supply Management said growth in U.S. service sector activity slowed much more than expected last month.

Oil prices drifted lower on Wednesday as worries about economic slowdown outweighed data showing a drop in U.S. crude inventories. West Texas Intermediate Crude oil futures for May ended lower by $0.10 at $80.61 a barrel.