KOSPI May Reclaim 5,700-Point Level

(RTTNews) - The South Korea stock market has climbed higher in back-to-back sessions, gaining almost 240 points or 4.4 percent along the way. The KOSPI now sits just above the 5,640-point plateau and it's tipped to open in the green again on Thursday.

The global forecast for the Asian markets is positive on easing oil prices and some optimism for a ceasefire in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The KOSPI finished sharply higher on Wednesday following gains from the financial shares, technology stocks and industrials.

For the day, the index spiked 88.29 points or 1.59 percent to finish at 5,642.21 after trading between 5,630.07 and 5,740.97. Volume was 756.4 million shares worth 24.4 trillion won. There were 716 gainers and 165 decliners.

Among the actives, Shinhan Financial collected 2.33 percent, while KB Financial strengthened 1.70 percent, Hana Financial rallied 2.07 percent, Samsung Electronics fell 0.37 percent, Samsung SDI vaulted 1.64 percent, LG Electronics rose 0.35 percent, SK Hynix advanced 0.91 percent, Naver advanced 0.94 percent, LG Chem expanded 1.27 percent, Lotte Chemical sank 0.75 percent, SK Innovation soared 3.63 percent, POSCO Holdings improved 0.74 percent, SK Telecom surged 4.18 percent, KEPCO shed 0.64 percent, Hyundai Mobis spiked 2.42 percent, Hyundai Motor jumped 1.83 percent and Kia Motors was unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Wednesday and spent the whole day in the green.

The Dow jumped 305.43 points or 0.66 percent to finish at 46,429.49, while the NASDAQ climbed 167.93 points or 0.77 percent to end at 21.929.83 and the S&P 500 gained 35.53 points or 0.54 percent to close at 6,591.90.

The early strength on Wall Street came amid a sharp pullback by the price of crude oil, with international benchmark Brent crude futures slumping by 1.7 percent after surging in the previous session.

Crude oil prices slumped Wednesday on reports of negotiations to end the war between the U.S. and Iran, easing transport concerns via the Strait of Hormuz. West Texas Intermediate crude for May delivery was down $2.22 or 2.40 percent at $90.13 per barrel.

However, buying interest was partly offset by a report from Iran's state-linked media Fars News Agency claiming Iran will not accept the ceasefire offer from the U.S.

In U.S. economic news, the Labor Department said U.S. import and export prices increased by much more than expected in February.