The South Korean stock market has displayed an alternation between positive and negative closes in the recent trading days, following a two-day winning streak that saw an advancement of over 35 points, equivalent to 1.4 percent. Currently, the KOSPI market is just above the 2,470-point plateau and is looking to extend its gains.
The global forecast for Asian markets seems promising, spurred by robust economic data and an upsurge in crude oil prices. After the European and U.S. markets posted gains, the Asian markets are expected to follow suit.
On Thursday, the KOSPI saw a slight increase, with gains from the chemical and automobile industries offset by weakness in technology stocks and a mixed image from the financial sector. The index increased 0.03 percent and ended the day at 2,470.34 on a volume of 337.26 million shares worth 7.5 trillion won. Overall, decliners outdid gainers, with 443 and 424 respectively.
In terms of active companies, Shinhan Financial fell by 1.00 percent, while Hana Financial increased by 0.34 percent. Additionally, Samsung Electronics and LG Electronics saw gains, while SK Hynix and Naver experienced losses. Other companies such as LG Chem, Lotte Chemical, S-Oil, and SK Telecom also reported gains, while Hyundai Motor and Kia Motors saw notable increases.
Wall Street's influence remained positive, as major averages opened higher, retreated midday, and yet ended in the green. The Dow increased by 0.64 percent to conclude at 38,049.13, while the NASDAQ rose by 0.18 percent and the S&P 500 rose by 0.53 percent to conclude at a record high of 4,894.16.
The growth of Wall Street can be attributed to a recently released Commerce Department report, which showed a stronger than expected U.S. economic growth and a deceleration in inflation rate in the fourth quarter of 2023. However, as investors anticipate Friday's report on personal income and spending, which could significantly impact interest rates, the buying interest declined through the session.
Oil prices significantly rose on Thursday, riding on the back of data released on Wednesday revealing a larger-than-expected drop in U.S. crude inventory. Consequently, West Texas Intermediate Crude oil futures for March surged $2.27 or 3 percent, finishing at $77.36 a barrel.
