Tech Shares Likely To Boost KOSPI

(RTTNews) - The South Korea stock market has moved higher in five straight sessions, collecting more than 100 points or 4 percent along the way. The KOSPI now rests just above the 2,560-point plateau and it's tipped to extend its gains again on Friday.

The global forecast for the Asian markets is upbeat thanks to easing concerns over inflation and interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KOSPI finished modestly higher on Thursday following mixed performances from the financials, chemicals, technology stocks and oil companies.

For the day, the index added 11.02 points or 0.43 percent to finish at 2,561.66. Volume was 826.7 million shares worth 11.7 trillion won. There were 535 gainers and 330 decliners.

Among the actives, Shinhan Financial added 0.58 percent, while KB Financial collected 0.64 percent, Hana Financial tumbled 1.81 percent, Samsung Electronics perked 0.15 percent, Samsung SDI gained 0.65 percent, LG Electronics increased 0.61 percent, SK Hynix retreated 1.77 percent, Naver dropped 0.81 percent, LG Chem soared 3.48 percent, Lotte Chemical shed 0.71 percent, S-Oil rallied 2.48 percent, SK Innovation slumped 0.78 percent, POSCO tumbled 3.69 percent, SK Telecom advanced 0.94 percent, KEPCO sank 0.75 percent, Hyundai Mobis dipped 0.22 percent, Hyundai Motor rose 0.35 percent and Kia Motors improved 0.58 percent.

The lead from Wall Street is solid as the major averages opened slightly higher on Thursday but accelerated as the day progressed, ending near session highs.

The Dow surged 383.19 points or 1.14 percent to finish at 34,029.69, while the NASDAQ spiked 236.93 points or 1.99 percent to end at 12,166.27 and the S&P 500 jumped54.27 points or 1.33 percent to close at 4,146.22.

The rally on Wall Street came following a report from the Labor Department showing an unexpected decrease in U.S. producer prices in March.

Combined with Wednesday's tamer-than-expected consumer price inflation data, the report helped ease concerns about inflation and the outlook for interest rates.

A separate Labor Department report showed first-time claims for U.S. unemployment benefits rose more than expected last week.

Crude oil prices drifted lower Thursday as weak data and worries about a U.S. recession raised concerns about the outlook for oil demand. West Texas Intermediate Crude oil futures for May slumped $1.10 or 1.3 percent at $82.16 a barrel.