South Korea Stock Market May Extend Winning Streak

(RTTNews) - The South Korea stock market has moved higher in back-to-back sessions, improving more than 80 points or 3.3 percent along the way. The KOSPI now sits just above the 2,440-point plateau and it may add to its winnings again on Thursday.

The global forecast for the Asian markets is upbeat on improved optimism about the outlook for interest rates. The European markets were up and the U.S. bourses were mostly higher and the Asian markets figure to follow suit.

The KOSPI finished sharply higher on Wednesday following gains from the financial shares and industrials, while the technology and chemical companies were mixed.

For the day, the index climbed 24.67 points or 1.02 percent to finish at 2,442.51 after trading between 2,411.38 and 2,443.34. Volume was 607 million shares worth 7.53 trillion won. There were 808 gainers and 102 decliners.

Among the actives, Shinhan Financial collected 0.90 percent, while KB Financial spiked 2.52 percent, Hana Financial accelerated 3.32 percent, Samsung SDI tumbled 1.58 percent, LG Electronics jumped 1.90 percent, SK Hynix improved 0.82 percent, Naver soared 4.31 percent, LG Chem tanked 2.05 percent, Lotte Chemical increased 0.80 percent, SK Innovation rose 0.25 percent, POSCO Holdings added 0.55 percent, SK Telecom gained 0.53 percent, KEPCO perked 0.23 percent, Hyundai Mobis gathered 0.40 percent, Hyundai Motor sank 0.71 percent, Kia Motors rallied 0.73 percent and Samsung Electronics was unchanged.

The lead from Wall Street is mixed to higher as the major averages opened in the green on Wednesday, although the Dow was unable to hold those gains.

The Dow dropped 99.27 points or 0.22 percent to finish at 44,148.56, while the NASDAQ surged 347.65 points or 1.77 percent to close at a record 20,034.89 and the S&P 500 rallied 49.28 points or 0.82 percent to end at 6,084.19.

The strength in the broader markets followed the release of closely watched inflation data that came in line with estimates.

With the data matching expectations, the report has increased confidence that the Federal Reserve will lower interest rates by another quarter-point next week.

CME Group's FedWatch Tool is currently indicating a 98.6 percent chance the Fed will cut rates by 25 basis points at its December meeting.

Oil futures settled higher Wednesday on possible sanctions on Russia by the European Union, expectations of increased demand from China and data showing a jump in gasoline stockpiles. West Texas Intermediate crude oil futures for January closed up $1.70 or 2.5 percent at $70.29 a barrel.