South Korea Shares May Extend Friday's Gains

(RTTNews) - The South Korea stock market has alternated between positive and negative finishes through the last nine trading days since the end of the two-day losing streak in which it had slipped almost 20 points or 0.8 percent. The KOSPI now sits just above the 2,515-point plateau and it may add to its winnings on Monday.

The global forecast for the Asian markets is upbeat on an improved outlook for inflation. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion on Monday.

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

For the day, the index jumped 25.78 points or 1.03 percent to finish at 2,517.85 after trading between 2,507.14 and 2,521.58. Volume was 421.4 million shares worth 7.69 trillion won. There were 539 gainers and 339 decliners.

Among the actives, Shinhan Financial collected 0.83 percent, while KB Financial added 0.78 percent, Hana Financial gained 0.73 percent, Samsung Electronics strengthened 1.54 percent, Samsung SDI improved 1.47 percent, LG Electronics slumped 0.73 percent, SK Hynix rallied 1.51 percent, Naver accelerated 2.35 percent, LG Chem soared 2.13 percent, Lotte Chemical tumbled 1.72 percent, S-Oil gathered 0.91 percent, SK Innovation picked up 1.12 percent, POSCO skyrocketed 5.48 percent, SK Telecom shed 0.60 percent, KEPCO retreated 1.58 percent, Hyundai Mobis rose 0.89 percent, Hyundai Motor advanced 1.37 percent and Kia Motors climbed 1.53 percent.

The lead from Wall Street ends up positive as the major averages overcame early choppiness on Friday, moving solidly higher in afternoon trade to finish in the green.

The Dow rallied 130.47 points or 0.36 percent to finish at 36,247.87, while the NASDAQ gained 63.97 points or 0.45 percent to close at 14,403.97 and the S&P 500 added 18.78 points or 0.41 percent to end at 4,604.37. For the week, the Dow inched marginally higher, the S&P 500 rose 0.2 percent and the NASDAQ added 0.7 percent.

The early volatility on Wall Street followed the release of a highly anticipated Labor Department report showing stronger than expected job growth in November.

The data raised concerns that strength in the labor market could lead the Federal Reserve to delay cutting interest rates, with investors hoping the central bank would pivot to rate cuts as early as March 2024.

But buying interest was generated in reaction to a University of Michigan report showing a pullback in consumers' inflation expectations in December.

Oil spiked sharply on Friday after Saudi Arabia and Russia urged the members of OPEC to join an output cut agreement. West Texas Intermediate Crude oil futures for January ended higher by $1.89 or 2.7 percent at $71.23 a barrel, snapping a six-day losing streak.