The South Korean stock market has experienced an upward trend for four consecutive sessions, gaining over 120 points or 4.8 percent during this period. Currently, the KOSPI index is positioned slightly above the 2,520 mark. However, this rally may face some challenges on Thursday.
Globally, the forecast for Asian markets appears neutral and without clear direction due to mixed signals regarding interest rate outlooks. European and U.S. markets showed little variation and were mostly steady, and it is anticipated that Asian markets will exhibit a similar trend.
On Wednesday, the KOSPI significantly advanced, driven by strong performances in financial, technology, and industrial stocks. The index rose by 28.95 points or 1.16 percent, closing at 2,521.05, trading within the range of 2,481.25 to 2,526.77. Trading volume reached 356.27 million shares, valued at 10.24 trillion won, with 459 stocks advancing and 407 declining.
Key performers included Shinhan Financial, which increased by 0.41 percent, and Hana Financial, which edged up by 0.17 percent. Samsung Electronics notably surged by 3.43 percent, Samsung SDI gained 1.22 percent, and LG Electronics rose by 1.40 percent. Meanwhile, SK Hynix saw a minor dip of 0.15 percent, and Naver decreased by 0.48 percent. LG Chem gained 0.39 percent, while Lotte Chemical fell by 0.33 percent. SK Innovation advanced 0.98 percent, POSCO Holdings grew by 0.38 percent, SK Telecom increased by 0.54 percent, Hyundai Mobis rose by 0.80 percent, Hyundai Motor advanced by 1.18 percent, and Kia Motors climbed by 1.92 percent. KB Financial and KEPCO remained unchanged.
The outlook from Wall Street indicates minimal movement, as major indices opened slightly lower on Wednesday, experienced fluctuations, and concluded the day mixed and largely unchanged.
The volatile trading on Wall Street reflects uncertainty about interest rate prospects following the release of varied U.S. employment data. Although ADP's report indicated slower than anticipated job growth in the private sector for December, the Labor Department reported that weekly jobless claims unexpectedly fell to their lowest levels in nearly 11 months.
The Federal Reserve released minutes from its recent monetary policy meeting, which offered limited insight into interest rate predictions, except to highlight that officials plan to adopt a "careful approach" in future decisions.
Additionally, oil futures ended lower on Wednesday, impacted by a significant rise in gasoline inventories and a strengthening U.S. dollar. West Texas Intermediate Crude oil futures for February closed with a decrease of $0.93 or 1.25 percent, at $73.32 per barrel.
