South Korea Shares Tipped To Open Higher Again On Friday

(RTTNews) - The South Korea stock market has moved higher in 10 straight sessions, accelerating more than 575 points or 12.9 percent in that span. Now at another fresh record closing high, the KOSPI sits just beneath the 4,800-point plateau and it has another positive lead again on Friday.

The global forecast for the Asian markets is cautiously optimistic, although any upside is likely to be capped by profit taking and slumping oil prices. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KOSPI finished sharply higher again on Thursday following gains from the technology stocks, chemicals and automobile companies.

For the day, the index jumped 74.45 points or 1.58 percent to finish at a record 4,797.55. Volume was 540 million shares worth 23.6 trillion won. There were 482 gainers and 389 decliners.

Among the actives, Shinhan Financial shed 0.63 percent, while KB Financial collected 0.93 percent, Hana Financial perked 0.10 percent, Samsung Electronics rallied 2.57 percent, Samsung SDI spiked 2.10 percent, LG Electronics strengthened 1.62 percent, SK Hynix climbed 0.94 percent, Naver plunged 4.62 percent, LG Chem vaulted 1.51 percent, Lotte Chemical expanded 2.80 percent, SK Innovation surged 3.56 percent, POSCO Holdings jumped 1.88 percent, KEPCO rose 0.37 percent, Hyundai Mobis was up 0.11 percent, Hyundai Motor accelerated 2.55 percent, Kia Motors surged 6.64 percent and SK Telecom was unchanged.

The lead from Wall Street is positive as the major averages opened higher on Thursday and remained in the green throughout the trading day.

The Dow jumped 292.81 points or 0.60 percent to finish at 49,442.44, while the NASDAQ added 58.27 points or 0.25 percent to close at 23,530.02 and the S&P 500 rose 17.87 points or 0.26 percent to end at 6,944.47.

The early strength on Wall Street reflected a positive reaction to earnings news from Taiwan Semiconductor (TSM), with the chipmaker surging by 4.4 percent.

Taiwan Semiconductor jumped after reporting a sharp increase in fourth quarter profits and announced larger-than-expected capital spending plans, contributing to renewed confidence in the artificial intelligence trade.

Positive sentiment may also have been generated by a Labor Department report showing first-time claims for U.S. unemployment benefits unexpectedly dipped last week.

Crude oil prices plummeted on Thursday as the potential for a U.S.-Iran confrontation diminished for the time being. West Texas Intermediate crude for February delivery was down $2.83 or 4.56 percent at $59.19 per barrel.