KOSPI Due For Another Jump On Thursday

(RTTNews) - The South Korea stock market on Wednesday ended the four-day losing streak in which it had plummeted almost 600 points or 11 percent. The KOSPI now sits just beneath the 5,480-point plateau and it's expected to open to the upside again on Thursday.

The global forecast continues to be upbeat on optimism over an end to hostilities in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The KOSPI finished with huge gains on Wednesday with support across the board, especially among the financials, chemicals, industrials and technology companies.

For the day, the index surged 426.24 points or 8.44 percent to finish at 5,478.70 after trading between 5,272.45 and 5,512.33. Volume was 942.93 million shares worth 27.31 trillion won. There were 837 gainers and 70 decliners.

Among the actives, Shinhan Financial collected 6.39 percent, while KB Financial strengthened 4.51 percent, Hana Financial jumped 5.82 percent, Samsung Electronics skyrocketed 13.40 percent, Samsung SDI vaulted 5.88 percent, LG Electronics elevated 6.53 percent, SK Hynix surged 10.66 percent, Naver advanced 4.22 percent, LG Chem improved 4.52 percent, Lotte Chemical added 1.74 percent, SK Innovation soared 5.34 percent, POSCO Holdings climbed 4.06 percent, SK Telecom gained 2.75 percent, KEPCO increased 4.92 percent, Hyundai Mobis rallied 8.20 percent, Hyundai Motor accelerated 9.54 percent and Kia Motors spiked 6.96 percent.

The lead from Wall Street is firm as the major averages opened higher on Wednesday and remained in the green throughout the trading day, although ending off session highs.

The Dow jumped 224.23 points or 0.48 percent to finish at 46,565.74, while the NASDAQ rallied 250.32 points or 1.16 percent to end at 21,840.95 and the S&P 500 gained 46.80 points or 0.72 percent to close at 6,575.32.

The extended the rally on Wall Street came amid optimism about an end to the U.S. war with Iran following the latest comments by President Donald Trump, who said he expects U.S. military forces to leave Iran in "two or three weeks."

The price of crude oil has extended Tuesday's pullback following Trump's comments, with U.S. crude oil futures falling below $100 a barrel.

Crude oil has plummeted on Wednesday after Trump's comments, even if the Strait of Hormuz remains blocked and U.S. goals are not completely met. West Texas Intermediate crude for May delivery was down $1.68 or 1.66 percent at $99.70 per barrel.