KOSPI May Extend Thursday's Gains

(RTTNews) - The South Korea stock market has moved higher in two of three trading days since the end of the three-day slide in which it had crashed more than 1,300 points or 15 percent. The KOSPI now sits just above the 7,760-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets is upbeat after the United States said it would hold off on fresh attacks in Iran. The European and U.S. markets were up and the Asian bourses are expected to follow them to the upside.

The KOSPI finished modestly higher on Thursday as gains from the technology stocks were capped by weakness from the financial and industrial sectors.

For the day, the index rose 33.13 points or 0.43 percent to finish at 7,763.95. Volume was 472.6 million shares worth 45.2 trillion won. There were 575 gainers and 318 decliners.

Among the actives, Shinhan Financial retreated 1.32 percent, while KB Financial tumbled 1.62 percent, Hana Financial surrendered 2.63 percent, Samsung Electronics skidded 1.16 percent, Samsung SDI added 0.40 percent, LG Electronics improved 0.89 percent, SK Hynix rallied 2.59 percent, Naver declined 1.32 percent, LG Chem shed 0.54 percent, Lotte Chemical vaulted 1.47 percent, SK Innovation lost 0.48 percent, POSCO Holdings slumped 1.38 percent, SK Telecom plunged 5.39 percent, KEPCO stumbled 1.37 percent, Hyundai Mobis climbed 1.05 percent, Hyundai Motor dropped 0.83 percent and Kia Motors tanked 2.32 percent.

The lead from Wall Street is positive as the major averages opened modestly higher on Thursday but accelerated late in the day to finish sharply higher.

The Dow soared 929.97 points or 1.86 percent to finish at 60,848.75, while the NASDAQ rallied 640.16 points or 2.54 percent to end at 25,809.66 and the S&P 500 jumped 127.31 points or 1.75 percent to end at 7,394.30.

The late-day rally on Wall Street came as crude oil prices plunged after President Donald Trump called off previously announced attacks against Iran.

Bargain hunting also contributed to the surge following the weakness seen during Wednesday's session, which dragged the NASDAQ and S&P 500 down to their lowest closing levels in a month.

Meanwhile, traders seemed to shrug off a report from the Labor Department showing producer prices increased by more than expected in May.

Crude oil prices plunged on Thursday after Trump recalled his earlier orders to attack Iran. West Texas Intermediate crude for July delivery was down $2.81 or 3.12 percent at $87.22 per barrel.