Win Streak May Continue For South Korea Shares

(RTTNews) - The South Korea stock market has moved higher in back-to-back trading days, collecting more than 40 points or 1.3 percent along the way. The KOSPI now rests just above the 3,180-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is upbeat, with technology shares expected to lead the way. The European markets were up and the U.S. bourses were mostly higher and the Asian markets also figure to move to the upside.

The KOSPI finished modestly higher on Wednesday following gains from the financial shares, technology stocks and chemical companies.

For the day, the index gained 12.07 points or 0.38 percent to finish at 3,184.42 after trading between 3,167.23 and 3,187.48. Volume was 321.7 million shares worth 8.6 trillion won. There were 502 gainers and 370 decliners.

Among the actives, Shinhan Financial collected 1.08 percent, while KB Financial strengthened 1.29 percent, Hana Financial advanced 1.09 percent, Samsung Electronics climbed 1.01 percent, LG Electronics gained 1.10 percent, SK Hynix improved 0.77 percent, Naver tumbled 1.78 percent, LG Chem rose 0.45 percent, Lotte Chemical added 0.49 percent, SK Innovation increased 0.50 percent, SK Telecom shed 0.55 percent, Hyundai Mobis perked 0.31 percent, Hyundai Motor accelerated 0.68 percent, Kia Motors dipped 0.19 percent and Samsung SDI, POSCO Holdings and KEPCO were unchanged.

The lead from Wall Street is mixed as the major averages opened on opposite sides of the line and finished the same way.

The Dow slipped 24.58 points or 0.05 percent to finish at 45,271.23, while the NASDAQ rallied 218.10 points or 1.02 percent to end at 21,497.73 and the S&P 500 added 32.72 points or 0.51 percent to close at 6,448.26.

The notable rebound by the NASDAQ followed a surge by shares of Alphabet (GOOGL), which rallied after a federal judge ruled the company will avoid the most severe consequences in a landmark antitrust case.

The strength on Wall Street also came after the Labor Department released a report showing job openings in the U.S. fell to their lowest level in 10 months in July.

While the data provides further signs of softening labor market conditions, the report has also increased confidence that the Federal Reserve will lower interest rates later this month.

Crude oil prices fell sharply on Wednesday amid increasing concerns of oversupply due to reported plans by OPEC to boost output at its upcoming meeting on Sunday. West Texas Intermediate crude for October delivery was down $1.65 or 2.52 percent at $63.94 per barrel.

Closer to home, South Korea will provide July figures for current account later this morning; in June, the current account surplus was $14.27 billion.