Win Streak May Continue For South Korea Shares

(RTTNews) - The South Korea stock market has finished higher in back-to-back sessions, soaring more than 475 points or 6.6 percent along the way. The KOSPI now sits just above the 7,280-point plateau and it may add to its winnings 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 the U.S. bourses were up and the Asian markets figure to split the difference.

The KOSPI finished sharply higher on Wednesday with large gains among the technology stocks, while the financials and automobile producers also traded higher.

For the day, the index surged 427.58 points or 6.24 percent to finish at 7,284.41 after trading between 7,082.91 and 7,424.18.

The lead from Wall Street ends up positive as the major averages opened higher, slumped midday but rebounded to finish in the green.

The Dow climbed 150.37 points or 0.29 percent to finish at 52,658.64, while the NASDAQ improved 162.22 points or 0.62 percent to close at 26,269.23 and the S&P 500 added 28.81 points or 0.38 percent to end at 7,572.40.

The early strength on Wall Street came after the Labor Department said producer prices fell more than expected last month, easing concerns about the outlook for inflation and interest rates.

Buying interest remained somewhat subdued, however, as traders kept an eye on the escalating conflict between the U.S. and Iran.

Crude oil prices ticked lower on Wednesday after U.S. Energy Information Administration data on crude oil inventories indicated weaker-than-expected demand. West Texas Intermediate crude for August delivery was down $0.09 or 0.11 percent at $79.25 per barrel.

Closer to home, the Bank of Korea will wrap up its monetary policy meeting later today and then announce its decision on interest rates. The BoK is expected to hike its benchmark lending rate by 25 basis points, to 2.75 percent from 2.50 percent.