KOSPI Expected To Reverse Thursday's Losses

(RTTNews) - The South Korea stock market headed south again on Thursday, one day after ending the three-day losing streak in which it had eased almost 10 points or 0.4 percent. The KOSPI now rests just above the 2,515-point plateau although it figures to bounce higher for Friday's trade.

The global forecast for the Asian markets is upbeat on continued solid momentum ahead of the Lunar New Year holidays. The European and U.S. markets were up and the Asian markets are expected to follow that lead.

The KOSPI finished sharply lower on Thursday following losses from the technology and industrial companies, while the financials came in mixed.

For the day, the index stumbled 31.57 points or 1.24 percent to finish at 2,515.49. Volume was 594.7 million shares worth 9.7 trillion won. There were 696 decliners and 190 gainers.

Among the actives, Shinhan Financial collected 0.60 percent, while KB Financial dropped 0.89 percent, Hana Financial added 0.68 percent, Samsung Electronics skidded 1.10 percent, Samsung SDI slumped 0.97 percent, LG Electronics stumbled 2.20 percent, SK Hynix tanked 2.66 percent, Naver rose 0.25 percent, LG Chem surrendered 2.24 percent, Lotte Chemical rallied 2.19 percent, SK Innovation perked 0.25 percent, POSCO Holdings tumbled 1.70 percent, SK Telecom improved 0.73 percent, KEPCO sank 0.95 percent, Hyundai Mobis fell 0.40 percent, Hyundai Motor was up 0.24 percent and Kia Motors lost 0.29 percent.

The lead from Wall Street is upbeat as the major averages opened mixed on Thursday but climbed steadily as the day progressed, so they were all in the green by the session's end.

The Dow surged 408.34 points or 0.92 percent to finish at 44,565.07, while the NASDAQ added 44.34 points or 0.22 percent to close at 20,053.68 and the S&P 500 gained 32.34 points or 0.53 percent to end at 6,118.71.

The markets continued to benefit from recent upward momentum, which has help stocks largely offset the sell-off seen earlier this month.

Biotechnology stocks showed a strong move to the upside as the day progressed, driving the NYSE Arca Biotechnology Index up by 1.8 percent to its best closing level in almost four years.

In U.S. economic news, the Labor Department released a report showing initial jobless claims saw further upside last week.

Oil prices fell on Thursday after data showed crude inventories in the U.S. fell less than expected last week. West Texas Intermediate Crude oil futures for March closed down $0.82 or about 1.1 percent at $74.62 a barrel.