Win Streak May Continue For South Korea Shares

(RTTNews) - The South Korea stock market has moved higher in back-to-back sessions, collecting more than 115 points or 2.9 percent along the way. The KOSPI now sits just above the 4,035-point plateau and it may extend its gains on Thursday.

The global forecast for the Asian markets is cautiously optimistic on an improved outlook for interest rates. The European markets were mixed and flat and the U.S. bourses was mild upside and the Asian markets figure to split the difference.

The KOSPI finished sharply higher on Wednesday following gains from the technology, chemical and automobile companies, while the financial sector was soft.

For the day, the index climbed 41.37 points or 1.04 percent to finish at 4,036.30 after trading between 3,987.76 and 4,052.83. Volume was 286 million shares worth 13 trillion won. There were 653 gainers and 227 decliners.

Among the actives, Shinhan Financial tumbled 1.84 percent, while KB Financial fell 0.23 percent, Hana Financial slumped 1.34 percent, Samsung Electronics climbed 1.06 percent, LG Electronics spiked 2.64 percent, SK Hynix skidded 1.08 percent, Naver strengthened 1.44 percent, LG Chem accelerated 2.29 percent, Lotte Chemical perked 0.13 percent, SK Innovation rose 0.35 percent, POSCO Holdings dipped 0.16 percent, SK Telecom advanced 0.94 percent, KEPCO added 0.20 percent, Hyundai Mobis improved 0.79 percent, Hyundai Motor was up 0.19 percent, Kia Motors gained 1.37 percent and Samsung SDI was unchanged.

The lead from Wall Street is upbeat as the major averages opened in the red but quickly moved higher and continued to pick up speed through the day, ending near session highs.

The Dow jumped 408.44 points or 0.86 percent to finish at 47,882.90, while the NASDAQ added 40.42 points or 0.17 percent to close at 23,454.09 and the S&P 500 gained 20.35 points or 0.30 percent to end at 6,849.72.

The strength in the broader markets followed the release of a report from payroll processor ADP showing an unexpected decrease by private sector employment in November.

The data added to recently renewed optimism that the Federal Reserve will once again lower interest rates at its monetary policy meeting next week.

CME Group's FedWatch Tool is currently indicating an 89.0 percent chance the Fed will cut rates by another quarter point next week.

Crude oil prices rose on Wednesday as proposed Russia-Ukraine peace talks failed to deliver a breakthrough. West Texas Intermediate crude for January delivery was up $0.23 or 0.39 percent at $58.87 per barrel.