Further support planned for the South Korean stock market
(RTTNews) – The South Korean stock market finished higher in three consecutive sessions, jumping nearly 100 points or 3.1% along the way. KOSPI is now sitting just above the 3,015 point plateau and could increase its gains on Monday.
Global forecasts for Asian markets are bullish thanks to strong earnings news and continued support from crude oil prices. The European and American markets were on the rise and Asian stock markets should follow suit.
KOSPI ended slightly higher on Friday following gains in financials and technology stocks, weakness in automakers and oil companies.
For the day, the index collected 26.42 points or 0.88% to close at 3,015.06 after trading between 2,999.33 and 3,021.90. The volume was 847 million shares valued at 12.4 trillion won. There were 673 winners and 208 decline.
Among assets, Shinhan Financial rose 0.26%, while KB Financial climbed 2.20%, Hana Financial collected 0.68%, Samsung Electronics climbed 1.01%, LG Electronics jumped 2.43%, SK Hynix climbed 4.90%, Naver lost 0.38%, Samsung SDI gained 2.89 percent, LG Chem slipped 1.42%, Lotte Chemical improved 1.04 percent, S-Oil lost 0.46 percent, SK Innovation fell 1.90 percent, POSCO gained 0.15 percent, SK Telecom fell 0.83 percent, KEPCO grew 0.88 percent, Hyundai Motor fell 0.24 percent and Kia Engines fell 0.36 percent.
Wall Street’s lead is generally positive as the major averages opened solidly in the green on Friday and stayed that way throughout the session.
The Dow Jones jumped 382.20 points or 1.09% to close at 35,294.76, while the NASDAQ jumped 73.91 points or 0.50% to close at 14,897.34 and the S&P a increased 33.11 points or 0.75% to end at 4,471.37. For the week, the Dow Jones gained 1.6%, the NASDAQ rose 2.2% and the S&P gained 1.8%.
Another batch of positive earnings news fueled the rally, led by financial giant Goldman Sachs (GS) and aluminum producer Alcoa (AA), among others.
Buying interest was also generated in response to a Commerce Department report showing an unexpected increase in retail sales in the United States in September. Additionally, the Labor Department said U.S. import prices rose less than expected last month.
Crude oil futures stabilized considerably higher on Friday after the International Energy Agency said demand for oil is likely to rise significantly due to the energy crisis supporting price. West Texas Intermediate crude oil futures for November rose $ 0.97 or 1.2% to $ 82.28 a barrel. For the week, WTI crude oil futures gained 3.7%, up for the eighth consecutive week.
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