Win Streak Likely To Continue For South Korea Shares

(RTTNews) - The South Korea stock market has finished higher in back-to-back sessions, advancing more than 35 points or 1.4 percent along the way. The KOSPI market now rests just above the 2,470-point plateau and it's expected to open in the green again on Monday.

The global forecast for the Asian markets is upbeat on earnings expectations and news. The European markets were mixed and the U.S. markets were sharply higher and the Asian bourses are expected to follow the latter lead.

The KOSPI finished sharply higher on Friday following gains from the financial shares, technology stocks and automobile producers, while the chemical companies were soft.

For the day, the index climbed 32.70 points or 1.34 percent to finish at 2,472.74 after trading between 2,455.50 and 2,479.00. Volume was 499.2 million shares worth 9 trillion won. There were 518 gainers and 345 decliners.

Among the actives, Shinhan Financial strengthened 1.24 percent, while KB Financial perked 0.20 percent, Hana Financial collected 0.24 percent, Samsung Electronics surged 4.18 percent, Samsung SDI shed 0.66 percent, LG Electronics added 0.66 percent, SK Hynix spiked 3.74 percent, Naver lost 0.46 percent, LG Chem retreated 1.82 percent, Lotte Chemical plunged 2.62 percent, S-Oil rallied 2.47 percent, SK Innovation tanked 2.57 percent, POSCO tumbled 1.78 percent, SK Telecom was up 0.10 percent, KEPCO plummeted 3.69 percent, Hyundai Mobis dipped 0.20 percent, Hyundai Motor accelerated 0.83 percent and Kia Motors rose 0.34 percent.

The lead from Wall Street is solid as the major averages opened slightly higher on Friday but accelerated throughout the day, sending the S&P and Dow to record closing highs.

The Dow jumped 395.20 points or 1.05 percent to finish at 37,863.80, while the NASDAQ surged 255.37 points or 1.70 percent to end at 15,310.97 and the S&P 500 rallied 58.87 points or 1.23 percent to close at 4,839.81.

For the holiday-shortened week, the NASDAQ soared 2.3 percent, the S&P 500 shot up 1.2 percent and the Dow advanced by 0.7 percent.

The run to record highs on Wall Street reflected continued strength among tech stocks ahead of this week's earning news from companies like Intel (INTC), IBM Corp. (IBM) and Netflix (NFLX).

Meanwhile, the Dow received a boost from a surge by shares of Travelers (TRV), with the insurance giant spiking by 6.7 after the company reported Q4 earnings that exceeded estimates.

Economic data also fueled the rally after the University of Michigan released a report showing a significant improvement in U.S. consumer sentiment and a continued decrease in inflation expectations.

Crude oil prices turned lower on Friday, reflecting profit taking after recent gains while traders also weighed concerns about Middle East tensions against uncertainty about the outlook for global demand. West Texas Intermediate Crude for February delivery fell $0.67 or 0.9 percent to $73.41 a barrel. The more actively trade March contract slumped $0.70 or 1.0 percent to $73.25 a barrel.