The South Korea stock market rebounded on Thursday, one session after it had ended the seven-day winning streak in which it had surged more than 250 points or 9 percent. Now at a fresh record closing high, the KOSPI sits just above the 3,030-point plateau although investors may cash in on Friday.
The global forecast for the Asian markets suggests consolidation after the markets responded yesterday to the positive catalysts and are now overbought. The European and U.S. markets were up and the Asian bourses are due for profit taking.
The KOSPI finished sharply higher on Thursday with gains across the board, especially from the financials, technology stocks and industrials.
For the day, the index spiked 63.47 points or 2.14 percent to finish at 3,031.68 after trading between 2,980.75 and 3,055.28. Volume was 1.5 billion shares worth 26.8 trillion won. There were 617 gainers and 220 decliners.
Among the actives, Shinhan Financial rose 4.17 percent, while KB Financial accelerated 4.55 percent, Hana Financial jumped 5.90 percent, Samsung Electronics gained 0.85 percent, LG Electronics soared 9.09 percent, SK Hynix spiked 2.67 percent, Samsung SDI rallied 2.65 percent, LG Chem surged 8.09 percent, Lotte Chemical improved 6.42 percent, S-Oil advanced 1.76 percent, SK Innovation gathered 2.33 percent, POSCO perked 3.93 percent, SK Telecom skyrocketed 7.78 percent, KEPCO fell 0.37 percent, Hyundai Motor climbed 1.48 percent and Kia Motors increased 1.29 percent.
The lead from Wall Street is broadly positive as stocks moved sharply higher on Thursday and reached fresh record closing highs.
The Dow climbed 211.73 points or 0.69 percent to finish at 31,041.13, while the NASDAQ surged 326.69 points or 2.56 percent to end at 13.067.48 and the S&P 500 gained 55.65 points or 1.48 percent to close at 3,803.79.
The strength on Wall Street came as U.S. lawmakers certified President-elect Joe Biden’s victory after the process was delayed by several hours as supporters of President Donald Trump stormed the U.S. Capitol building.
The certification of Biden’s victory along with Democratic victories in Georgia’s Senate runoff elections will give Democrats control of the House, Senate and the White House, which is expected to lead to additional stimulus.
In economic news, the Labor Department noted a modest decrease in first-time claims for U.S. unemployment benefits last week. Also, The Institute for Supply Management said service sector activity in the U.S. unexpectedly grew at a faster pace in December.
Crude oil futures ended higher on Thursday, extending gains to a third straight session, with the recent data showing a drop in stockpiles continuing to support prices. West Texas Intermediate Crude oil futures for February ended up $0.20 or 0.4 percent at $50.83 a barrel.
Closer to home, South Korea will provide November figures for current account in October later today; the current account surplus was $11.66 billion.
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