Win Streak May Continue For South Korea Shares
(RTTNews) - The South Korea stock has finished higher in two straight sessions, rallying more than 440 points or 6.5 percent in that span. The KOSPI now sits just above the 6,910-point plateau and it may add to its winnings on Monday.
The global forecast for the Asian markets is positive on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The KOSPI finished modestly higher on Friday as gains from the financial shares and technology stocks were capped by weakness among the shipbuilders.
For the day, the index advanced 60.37 points or 0.88 percent to finish at 6,912.95 after trading between 6,742.44 and 6,954.12. Volume was 404.5 million shares worth 28.7 trillion won. There were 681 decliners and 193 gainers.
The lead from Wall Street is firm as the major averages opened higher on Friday and remained solidly in the green throughout the trading day, slightly off session highs.
The Dow rallied 517.80 points or 0.98 percent to finish at 53,277.01, while the NASDAQ climbed 113.29 points or 0.43 percent to end at 26,180.46 and the S&P 500 rose 33.21 points or 0.43 percent to close at 7,674.37.
For the week, the NASDAQ plunged 2.1 percent, the S&P 500 tumbled 1.4 percent and the Dow slumped 0.9 percent.
The strength on Wall Street reflected bargain hunting after the major averages moved sharply lower on Thursday amid an extended surge in crude oil prices and a rebound in bond yields.
Crude oil prices edged higher on Friday as the Strait of Hormuz remains closed, heightening supply concerns. West Texas Intermediate crude for October delivery was up $0.44 or 0.51 percent at $87.27 per barrel.
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Japanese Market Sharply Lower
