The South Korean stock market has seen an upward trend for five consecutive sessions, gaining over 120 points or 4.8 percent in total, placing the KOSPI just above the 2,520-point mark. However, some market corrections might be expected on Friday due to profit-taking activities.
The global outlook for the Asian markets remains uncertain, especially as U.S. markets were closed on Thursday. Meanwhile, European markets showed stability with a slight tendency towards improvement, and it is anticipated that the Asian markets will follow suit.
On Thursday, the KOSPI closed with a marginal increase, as financial sector gains were offset by weaknesses in technology and chemical companies. The index rose by 0.85 points or 0.03 percent, closing at 2,521.90, after fluctuating between 2,515.82 and 2,535.87. The trading volume reached 399.52 million shares, with a total value of 11.38 trillion won, encompassing 519 decliners against 362 gainers.
Within the active stocks, Shinhan Financial rose by 0.71 percent, KB Financial by 1.29 percent, and Hana Financial by 1.21 percent. In contrast, Samsung Electronics decreased by 2.09 percent, Samsung SDI dropped significantly by 4.21 percent, and LG Electronics fell by 1.15 percent. SK Hynix recorded an impressive increase of 5.29 percent, whereas Naver and LG Chem dropped by 2.17 percent and 2.92 percent respectively. Other movements included Lotte Chemical's slight decrease of 0.17 percent, SK Innovation's rise by 2.99 percent, POSCO Holdings' fall by 0.95 percent, SK Telecom declining 1.43 percent, and KEPCO dipping by 0.73 percent. Hyundai Mobis advanced by 0.80 percent, with Hyundai Motor decreasing slightly by 0.23 percent, and Kia Motors rising by 2.28 percent.
There is no guidance from Wall Street, as the U.S. financial markets were closed in observance of the passing of former U.S. President Jimmy Carter, who passed away in late December at the age of 100.
Investors are anticipating the release of the Labor Department's monthly jobs report later today, which is expected to provide further insights into the current labor market conditions.
Oil prices advanced on Thursday, driven by optimism regarding global demand and potential supply disruptions due to sanctions on Iranian and Russian crude exports. West Texas Intermediate Crude oil futures for February settled at $73.92 a barrel, up by $0.60 or 0.82 percent.
The material has been provided by InstaForex Company -
www.instaforex.com
