South Korea Shares May Bounce Higher On Monday

(RTTNews) - The South Korea stock market on Friday ended the three-day winning streak in which it had climbed almost 35 points or 1.2 percent. The KOSPI now sits just below the 2,860-point plateau although it's poised to see renewed support on Monday.

The global forecast for the Asian markets is positive, with bargain hunting expected in the technology sectors. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The KOSPI finished sharply lower on Friday following losses from the technology and automobile sectors, while the financials and chemicals offered mild support.

For the day, the index slumped 34.35 points or 1.19 percent to finish at 2,857.00 after trading between 2,844.88 and 2,872.25. Volume was 399 million shares worth 13.7 trillion won. There were 430 decliners and 426 gainers.

Among the actives, Shinhan Financial improved 0.77 percent, while KB Financial jumped 1.87 percent, Hana Financial collected 0.65 percent, Samsung Electronics plummeted 3.65 percent, Samsung SDI stumbled 2.44 percent, LG Electronics slumped 1.44 percent, SK Hynix plunged 3.32 percent, Naver dropped 0.74 percent, LG Chem added 0.27 percent, Lotte Chemical advanced 0.84 percent, S-Oil rose 0.15 percent, SK Innovation climbed 0.93 percent, POSCO perked 0.13 percent, KEPCO fell 0.35 percent, Hyundai Mobis lost 0.42 percent, Hyundai Motor surrendered 2.51 percent, Kia Motors sank 0.81 percent and SK Telecom was unchanged.

The lead from all Street is upbeat as the major averages opened higher and remained well into the green throughout the session.

The Dow rallied 247.10 points or 0.62 percent to finish at 40,000.90, while the NASDAQ climbed 115.04 points or 0.63 percent to end at 18,398.45 and the S&P 500 gained 30.81 points or 0.55 percent to close at 5,615.35.

For the week, the Dow shot up 1.6 percent, the S&P 500 jumped 0.9 percent and the NASDAQ rose 0.3 percent.

The rebound on Wall Street came as traders looked to pick up stocks at somewhat reduced levels following the steep drop on Thursday, which partly reflected a rotation out of leading tech stocks like Nvidia (NVDA).

Traders also remained optimistic about the outlook for interest rates even though the Labor Department said producer prices in the U.S. increased by slightly more than expected in June.

Oil futures settled lower on Friday, weighed down by data showing a bigger than expected increase in U.S. producer prices in June. West Texas Intermediate Crude oil futures for August ended down by $0.41 at $82.21 a barrel.