The South Korean stock market has experienced a positive trend over the past three sessions, with the KOSPI index gaining over 120 points, marking an approximate 5% increase. As of now, the KOSPI stands just above the 2,480 level, although investors might consider securing their profits on Friday.
The outlook for Asian markets appears to be somewhat muted, with declines expected in the oil and technology sectors. While European markets showed mixed and flat performances, U.S. markets experienced a downturn, suggesting Asian markets may display mixed results.
On Thursday, the KOSPI saw significant gains, driven by advancements in financial shares, technology stocks, chemicals, and the automobile sector. The index rose 39.61 points, or 1.62%, closing at 2,482.12. The trading volume reached 651.7 million shares, valued at 11.86 trillion won. The market saw 616 stocks gain and 277 decline.
Noteworthy performances included Shinhan Financial gaining 0.40%, KB Financial strengthening by 1.87%, and Hana Financial increasing 1.35%. Samsung Electronics jumped by 3.52%, Samsung SDI rose 2.62%, and LG Electronics advanced by 0.84%. SK Hynix climbed 2.50%, while Naver fell 4.59%. LG Chem increased by 1.90%, Lotte Chemical surged 3.50%, and SK Innovation decreased 0.76%. POSCO Holdings edged up 0.73%, KEPCO dropped 1.40%, meanwhile Hyundai Mobis fell 1.20%, Hyundai Motor grew 1.20%, Kia Motors rose 0.73%, and SK Telecom remained unchanged.
Wall Street extended a negative lead as major indices started mixed on Thursday but quickly turned downward, closing the day near their session lows. The Dow Jones fell 234.44 points, or 0.64%, to end at 43,914.12; the NASDAQ declined 132.05 points, or 0.66%, closing at 19,769.84; and the S&P 500 decreased by 32.94 points, or 0.54%, finishing at 6,051.25.
The decline followed a strong performance on Wednesday, when the NASDAQ reached a historic milestone by closing above 20,000 for the first time. However, market sentiment turned sour partly due to a Labor Department report indicating U.S. producer prices rose more than anticipated in November.
Although the Federal Reserve is still broadly expected to reduce interest rates next week, these figures have raised questions about the pace at which the central bank will implement rate cuts early next year.
In the oil sector, futures dropped on Thursday following three consecutive days of gains. This decline came after the International Energy Agency forecasted an oversupply in the oil market next year. West Texas Intermediate Crude oil futures for January fell $0.27, or 0.4%, settling at $70.02 per barrel.
The material has been provided by InstaForex Company -
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