The expected strength of the stock market in South Korea continues
(RTTNews) — The South Korean stock market has alternated between a positive and a negative ending during the last four trading days since the end of a two-day winning streak in which it jumped more than 55 points, or 2.1%. KOSPI is now just below the plateau of 2,640 points and is expected to open in the green again on Monday.
The global outlook for Asian markets is upbeat easing concerns about interest rate expectations, with technology stocks expected to lead the way higher. European and American markets rose and the Asian bourses are expected to open in the same vein.
The Kospi closed slightly higher on Friday after gains from financial, industrial and technology shares.
The index rose for the day 25.60 points, or 0.98 percent, to close at 2,638.05, after trading between 2,631.49 and 2,644.71. Trading volume reached 580.94 million shares, valued at 7.68 trillion won. There were 638 gainers and 201 easy ones.
Among the active companies, Shinhan Financial rose 1.30%, KB Financial added 1.01%, Hana Financial jumped 1.76%, Samsung Electronics advanced 0.91%, Samsung SDA 1.37%, LG Electronics accelerated 1.47%, SK Hynix rose 2.91%, Naver advanced 1.50 percent, LG Chemicals rose 3.00 percent, Lot Chemicals rose 1.53 percent, S-Oil rose 3.29 percent, S-Oil rose 1.93 percent, and SK Telecom rose 0.35 percent, Hyundai Motor shares rose 0.82 percent, Kia Motors increased 0.61 percent, and POSCO and KEPCO remained unchanged. .
The lead from Wall Street is broadly positive as the major averages opened with a solid rise on Friday and gained steam as the day progressed, ending sharply higher.
The Dow Jones rose 575.76 points, or 1.76 percent, to close at 33,212.96, while the Nasdaq rose by 390.43 points, or 3.33 percent, to close at 12,131.13, and the S&P 500 rose by 100.40 points, or 2.47 percent, to close at 4,158.24.
Over the course of the week, the Dow rose 6.2 percent, the Nasdaq rose 6.8 percent, and the Standard & Poor’s rose 6.6 percent.
The strength on Wall Street continued following the Commerce Department report that showed a slowdown in the pace of core consumer price growth in April. The data contributed to optimism that the Fed will slow the pace of monetary tightening in the second half of the year.
Crude oil prices rose on Friday amid rising hopes for increased fuel demand during the summer season, and a possible European Union embargo on Russian oil. West Texas Intermediate crude futures for July closed up $0.98, or 0.9 percent, at $115.07 a barrel.
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