Win Streak May Continue For South Korea Shares
(RTTNews) - The South Korea stock market has finished higher in two straight sessions, advancing more than 350 points or 7 percent in that span. The KOSPI now sits just above the 5,375-point plateau and it's expected to add to its winnings again on Thursday.
The global forecast for the Asian markets is positive, with technology and energy stocks expected to lead the way higher. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The KOSPI finished sharply higher again on Wednesday following gains from the technology and financial sectors, while the shipbuilders and automobile producers were soft.
For the day, the index jumped 136.23 points or 2.60 percent to finish at 5,375.36 after peaking at 5,377.99. Volume was 219 million shares worth 16.3 trillion won. There were 573 gainers and 295 decliners.
The lead from Wall Street is firm as the major averages opened mixed on Wednesday but trended to the upside throughout the day, finishing firmly in the green.
The Dow gained 254.60 points or 0.49 percent to finish at 52,486.49, while the NASDAQ rallied 400.31 points or 1.60 percent to end at 25,466.19 and the S&P 500 jumped 98.45 points or 1.31 percent to close at 7,619.38.
Technology stocks have helped lead the markets back to upside amid a positive reaction to better-than-expected quarterly results from neocloud company CoreWeave (CRWV).
Semiconductor stocks showed a strong move to the upside, driving the Philadelphia Semiconductor Index up by 5.7 percent, while energy stocks also provided support.
Crude oil prices advanced on Wednesday after strong remarks by Iranian leaders against the U.S. diminished expectations of an early reopening of the Strait of Hormuz. West Texas Intermediate crude for December delivery was up $0.96 or 1.12 percent at $87.00 per barrel.
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