South Korea Shares May Find Traction On Thursday

(RTTNews) - The South Korea stock market has finished lower in two straight sessions, tumbling more than 300 points or 4 percent along the way. The KOSPI now sits just above the 7,200-point plateau although it's likely to halt its slide on Thursday.

The global forecast for the Asian markets is broadly positive, thanks to sinking crude oil prices and support from the technology sectors. The European and U.S. markets were sharply higher on Wednesday and the Asian bourses are expected to follow that lead.

The KOSPI finished modestly lower on Wednesday following losses from the technology, chemical and automobile sectors, while the financial shares were mixed.

For the day, the index sank 62.71 points or 0.86 percent to finish at 7,208.95. Volume was 485.9 million shares worth 39.5 trillion won. There were 811 decliners and 90 gainers.

Among the actives, Shinhan Financial collected 0.11 percent, while KB Financial sank 0.72 percent, Hana Financial rose 0.26 percent, Samsung Electronics perked 0.18 percent, Samsung SDI stumbled 2.90 percent, LG Electronics plummeted 5.58 percent, Naver crashed 3.33 percent, LG Chem plunged 5.28 percent, Lotte Chemical surrendered 3.66 percent, SK Innovation contracted 3.43 percent, POSCO Holdings cratered 5.33 percent, SK Telecom added 0.41 percent, KEPCO dropped 5.75 percent, Hyundai Mobis jumped 1.90 percent, Hyundai Motor tumbled 1.99 percent, Kia Motors tanked 3.55 percent and SK Hynix was unchanged.

The lead from Wall Street is strong as the major averages opened slightly higher on Wednesday but accelerated throughout the day, ending at session highs.

The Dow spiked 645.47 points or 1.31 percent to finish at 50,009.35, while the NASDAQ jumped 399.65 points or 1.54 percent to end at 26,270.36 and the S&P 500 climbed79.36 points or 7,432.97.

The rally on Wall Street came on a steep drop by treasuries yields, which pulled back sharply, with the yield on the benchmark ten-year note plunging from its highest levels in well over a year.

The sharp drop in crude oil prices also contributed to the rise on Wall Street, thanks to increasing diplomatic measures to secure an agreement to end their hostilities between the United States and Iran. West Texas Intermediate crude for July delivery was down $5.89 or 5.66 percent at $98.26 per barrel.

Optimism about earnings news from Nvidia (NVDA) may also have generated buying interest, as the chipmaker was due to report its first quarter results after the close of trading.

In fact, Nvidia decisively beat expectations on both the top and bottom lines, likely giving the Asian markets a solid boost.