Win Streak May Continue For South Korea

(RTTNews) - The South Korea stock market has moved higher in back-to-back sessions, gathering more than 10 points or 0.3 percent along the way. The KOSPI now sits just shy of the 2,870-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is upbeat, fueled by technology shares ahead of key inflation data. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The KOSPI finished barely higher on Wednesday following mixed performances from the technology stocks and weakness from the financials and chemicals.

For the day, the index perked 0.61 points or 0.02 percent to finish at 2,867.99. Volume was 459 million shares worth 11.2 trillion won. There were 432 decliners and 423 gainers.

Among the actives, Shinhan Financial dropped 0.97 percent, while KB Financial tumbled 1.88 percent, Hana Financial skidded 1.12 percent, Samsung SDI plunged 2.48 percent, LG Electronics gained 0.64 percent, SK Hynix rose 0.21 percent, Naver surged 3.98 percent, LG Chem retreated 1.79 percent, Lotte Chemical tanked 2.39 percent, SK Innovation plummeted 3.73 percent, POSCO slumped 1.21 percent, SK Telecom eased 0.19 percent, KEPCO sank 0.81 percent, Kia Motors lost 0.41 percent and Samsung Electronics, S-Oil, Hyundai Motor and Hyundai Mobis were unchanged.

The lead from Wall Street is broadly positive as the major averages opened flat on Wednesday but climbed steadily throughout the day, ending with strong gains near session highs.

The Dow surged 429.39 points or 1.09 percent to finish at 39,721.36, while the NASDAQ rallied 218.16 points or 1.18 percent to end at a record 18,647.45 and the S&P 500 jumped 56.93 points or 1.02 percent to close at 5,633.91 - also a record.

The rally on Wall Street was due to strength among technology stocks, as reflected by the notable advance by the tech-heavy NASDAQ.

Stocks may also have benefitted from optimism about the outlook for interest rates ahead of the release of closely watched consumer price inflation data later today.

During congressional testimony, Federal Reserve Chair Jerome Powell said more good data would strengthen the central bank's confidence inflation is moving sustainably toward its 2 percent target and lead to a potential interest rate cut.

Oil futures settled higher Wednesday after data showed a bigger than expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for August ended higher by $0.69 at $82.10 a barrel.