Win Streak May Continue For South Korea Shares

(RTTNews) - The South Korea stock market has moved higher in three straight sessions, collecting more than 55 points or 1.8 percent along the way. The KOSPI now rests just above the 3,200-point plateau and it may extend its gains again on Friday.

The global forecast for the Asian markets is upbeat on optimism over the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The KOSPI finished modestly higher on Thursday as gains from the technology, chemical and steel companies were capped by weakness from the financial sector.

For the day, the index added 16.41 points or 0.52 percent to finish at 3,200.83 after trading between 3,185.49 and 3,205.61. Volume was 280.2 million shares worth 7.9 trillion won. There were 608 gainers and 248 decliners.

Among the actives, Shinhan Financial retreated 1.68 percent, while KB Financial slumped 1.54 percent, Hana Financial tumbled 1.81 percent, Samsung Electronics fell 0.43 percent, Samsung SDI added 0.50 percent, LG Electronics strengthened 1.36 percent, SK Hynix climbed 1.14 percent, Naver spiked 2.71 percent, LG Chem rallied 2.96 percent, Lotte Chemical jumped 1.77 percent, SK Innovation soared 4.93 percent, POSCO Holdings accelerated 3.90 percent, SK Telecom gained 0.55 percent, KEPCO improved 1.90 percent, Hyundai Mobis declined 1.23 percent and Kia Motors and Hyundai Motor were unchanged.

The lead from Wall Street is firm as the major averages opened higher on Thursday and climbed steadily higher throughout the day, finishing at session high.

The Dow rallied 350.06 points or 0.77 percent to finish at 45,621.29, while the NASDAQ jumped 209.97 points or 0.98 percent to end at 21,707.69 and the S&P 500 gained 53.82 points or 0.83 percent to close at 6,502.08.

The strength that emerged on Wall Street came as traders digested the latest U.S. economic data, including a report from payroll processor ADP showing weaker than expected private sector job growth in the month of August.

The Labor Department also released a report showing first-time claims for U.S. unemployment benefits rose by more than expected last week.

While the reports add to recent signs of weakness in the labor market, the data has also increased confidence that the Federal Reserve will lower interest rates later this month.

Crude oil prices slumped on Thursday on rising oversupply concerns as OPEC plans to hike output. West Texas Intermediate crude for October delivery was down $0.63 or 0.98 percent at $63.34 per barrel.