KOSPI May Add To Its Winnings On Friday

(RTTNews) - The South Korea stock market has moved higher in back-to-back sessions, advancing more than 65 points or 1.3 percent along the way. The KOSPI now sits just shy of the 4,950-point plateau and it may see additional support on Friday.

The global forecast for the Asian markets is positive on easing geopolitical tensions regarding Greenland. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The KOSPI finished modestly higher on Thursday following gains from the chemical and technology stocks, profit taking among the automobile producers and a mixed picture from the financial sector.

For the day, the index added 42.60 points or 0.87 percent to finish at 4,952.53. Volume was 544.3 million shares worth 32.5 trillion won. There were 563 gainers and 315 decliners.

Among the actives, Shinhan Financial spiked 2.09 percent, while KB Financial retreated 1.54 percent, Hana Financial collected 0.70 percent, Samsung Electronics jumped 1.87 percent, Samsung SDI skyrocketed 18.67 percent, LG Electronics tumbled 2.84 percent, SK Hynix vaulted 2.03 percent, Naver rallied 2.94 percent, LG Chem soared 5.89 percent, Lotte Chemical accelerated 5.34 percent, SK Innovation surged 6.05 percent, POSCO Holdings expanded 2.42 percent, SK Telecom climbed 1.15 percent, KEPCO tanked 2.80 percent, Hyundai Mobis plummeted 6.97 percent, Hyundai Motor stumbled 3.64 percent and Kia Motors plunged 4.36 percent.

The lead from Wall Street is firm as the major averages opened higher on Thursday and spent the entire session in the green.

The Dow jumped 306.78 points or 0.63 percent to finish at 49,384.01, while the NASDAQ climbed 211.20 points or 0.91 percent to end at 23,436.02 and the S&P 500 added 37.73 points or 0.55 percent to close at 6,913.35.

The extended rebound on Wall Street came as stocks continued to benefit from easing tensions after President Donald Trump ruled out the use of military force to acquire Greenland.

Some analysts see the strength on Wall Street as a return of the "TACO trade," meaning "Trump Always Chickens Out," as the president is often seen as backing down after scaring the markets with threats of new tariffs.

In economic news, the Labor Department noted a slight uptick in first-time claims for U.S. unemployment benefits last week. Also, the Commerce Department said consumer prices increased in line with estimates in November.

Crude oil prices plunged on Thursday as investors assessed data on U.S. crude oil inventories, which shot up much more than expected last week. West Texas Intermediate crude for March delivery was down $1.29 or 2.13 percent at $59.33 per barrel.