In recent trading sessions, the South Korean stock market has shown positive momentum in two out of the past three days, following a brief slump during which it lost nearly 35 points, or 1.4%. Currently, the KOSPI is positioned slightly above the 2,525 mark, though it is anticipated to decline again on Friday.
The outlook for Asian markets appears weak, influenced by expected declines in oil and technology sectors. While European markets experienced gains, U.S. markets saw a downturn, and it is likely that Asian markets will follow the latter trend.
On Thursday, the KOSPI saw a significant rise, driven by robust performance in financial, steel, and technology stocks, with mixed outcomes in chemical and automobile sectors. The index gained 30.68 points, or 1.23%, closing at 2,527.49, after fluctuating between 2,519.86 and 2,534.01 throughout the day. Trading volume reached 436.3 million shares, valued at 9.02 trillion won, with 596 stocks advancing, while 281 declined.
Notable performances among active stocks included KB Financial and Hana Financial, which increased by 0.56% and 0.52%, respectively. Samsung Electronics rose by 1.12%, and Samsung SDI saw a 1.30% boost. LG Electronics lifted 0.95%, and SK Hynix surged 5.95%. LG Chem improved by 1.67%, and Lotte Chemical dipped slightly by 0.17%. SK Innovation jumped 2.00%, POSCO Holdings increased by 1.95%, and SK Telecom gained a modest 0.18%. Conversely, KEPCO dropped by 0.74%, Hyundai Mobis declined 0.39%, Hyundai Motor fell 0.68%, while Kia Motors edged up 0.10%, and both Shinhan Financial and Naver remained unchanged.
The update from Wall Street is not encouraging, as major indices started Thursday slightly up but soon reversed direction to conclude the session lower. The Dow Jones shed 68.42 points, or 0.16%, to close at 43,153.13. The NASDAQ fell 172.95 points, or 0.89%, finishing at 19,338.29, and the S&P 500 declined by 12.57 points, or 0.21%, ending at 5,937.34.
Volatile Wall Street trading reflected traders' caution in reassessing the market's short-term outlook following Wednesday's strong rally, which marked the largest daily percentage gains in over two months. Market participants were also interpreting various U.S. economic data releases about weekly jobless claims, retail sales, and import prices. Most data met expectations and supported the sentiment that the Federal Reserve might lower interest rates in the early half of the year.
In the oil market, prices dipped significantly on Thursday after Israel and Hamas agreed to a ceasefire, as endorsed by the UN Security Council. February futures for West Texas Intermediate Crude oil fell $1.36, or 1.7%, settling at $78.68 per barrel.
The material has been provided by InstaForex Company -
www.instaforex.com
