KOSPI May Reclaim 2,300-Point Barrier On Monday

(RTTNews) - The South Korea stock market has finished higher in three straight sessions, advancing more than 70 points or 3.2 percent along the way. The KOSPI now rests just shy of the 2,290-point plateau and it's predicted to extend its gains on Monday.

The global forecast for the Asian markets is broadly positive on optimism over the outlook for interest rates. The European and U.S. markets were sharply higher and the Asian bourses are expected to open in similar fashion.

The KOSPI finished sharply higher on Friday with gains across the board, particularly among the financials, chemicals and industrials.

For the day, the index climbed 25.32 points or 1.12 percent to finish at 2,289.97 after trading between 2,253.27 and 2,300.62. Volume was 388.2 million shares worth 6.6 trillion won. There were 602 gainers and 262 decliners.

Among the actives, Shinhan Financial collected 2.92 percent, while KB Financial skyrocketed 5.19 percent, Hana Financial surged 3.94 percent, Samsung Electronics strengthened 1.37 percent, LG Electronics gained 0.89 percent, SK Hynix rallied 2.09 percent, Naver shed 0.54 percent, LG Chem spiked 2.24 percent, Lotte Chemical accelerated 2.88 percent, S-Oil advanced 0.90 percent, SK Innovation jumped 1.69 percent, POSCO soared 2.69 percent, SK Telecom climbed 1.06 percent, KEPCO stumbled 1.52 percent, Hyundai Mobis improved 3.38 percent, Hyundai Motor rose 0.31 percent and Kia Motors added 0.65 percent.

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

The Dow surged 700.51 points or 2.13 percent to finish at 33,630.61, while the NASDAQ soared 264.09 points or 2.56 percent to end at 10,569.29 and the S&P 500 jumped 86.98 points or 2.28 percent to close at 3,895.08.

Stocks rallied as investors hoped that the report from the Institute for Supply Management showing U.S. service sector activity unexpectedly contracted in December will convince the Federal Reserve to slow its aggressive pace on interest rate hikes.

Adding to the positive sentiment, the Labor Department reported that employment increased more than expected in December, while the jobless rate fell to a 50-year low.

Crude oil prices settled flat on Friday as fears of a global recession raised concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for February settled at $73.77 a barrel, up just 10 cents from the previous close.