South Korean stock market due to profit taking
(RTTNews) – The South Korean stock market has finished higher in four consecutive sessions, jumping more than 100 points or 1.9% along the way. KOSPI is now just below the 2,750 plateau, although investors expect to lock in their gains on Friday.
The global outlook for Asian markets is negative and volatile, in response to the ongoing Russian invasion of Ukraine and resulting sanctions. European and American markets were down and Asian stock exchanges are expected to follow suit.
The KOSPI ended sharply higher on Thursday after gains in financials, technology and industrials stocks.
For the day, the index climbed 43.56 points or 1.61% to end at 2,747.08 after trading between 2,726.35 and 2,748.21. The volume was 607 million shares worth 10.5 trillion won. There were 696 winners and 183 decliners.
Among assets, Shinhan Financial collected 0.92%, while KB Financial climbed 1.92%, Hana Financial strengthened 1.72%, Samsung Electronics jumped 1.67%, LG Electronics rose 3 .24%, SK Hynix climbed 3.20%, Naver rose 2.68%, LG Chem rose. 0.54%, Lotte Chemical rose 0.24%, S-Oil fell 0.33%, SK Innovation gained 2.41%, POSCO jumped 2.47%, SK Telecom gained 0, 73%, KEPCO jumped 4.10%, Hyundai Motor accelerated 4.11% and Kia Motors improved 2.36%.
Wall Street’s lead is weak as major averages opened higher on Thursday and bounced off the unchanged line before late selling pressure saw them end firmly in the red.
The Dow Jones lost 96.69 points or 0.29% to end at 33,794.66, while the NASDAQ fell 214.08 points or 1.56% to end at 13,537.94 and the S&P 500 fell 23.05 points or 0.53% to close at 4,363.49.
The day’s volatility came as traders monitored developments in Ukraine as Russian forces continued to intensify their attacks, forcing thousands of Ukrainians to flee the country.
Traders fear that the sanctions imposed on Russia, and the resulting spike in oil prices, could derail the economic recovery even as the Federal Reserve prepares to start raising interest rates.
Fed Chairman Jerome Powell appeared before the Senate Banking Committee and reiterated that the central bank would likely raise rates by at least 25 basis points at its meeting later this month.
In economic news, the Labor Department noted a slight decrease in first jobless claims in the United States last week. Additionally, the Institute for Supply Management reported a continued slowdown in the pace of growth in U.S. service sector activity in February.
U.S. crude oil prices fell on Thursday, pulling back from multi-year highs on speculation over a possible nuclear deal with Iran. West Texas Intermediate crude oil futures for April ended down 2.6% at $107.67 a barrel.
Closer to home, South Korea will release February figures for consumer prices later today, with forecasts suggesting a 0.4% month-on-month and 3.5% year-on-year increase. , against 0.6% over one month and 3.6% over one year in January.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.