KOSPI May Set New Record Above 4,600 Points

(RTTNews) - The South Korea stock market has moved higher in six straight sessions, accelerating more than 360 points or 8.2 percent in that span. Now at a fresh record closing high, the KOSPI sits just above the 4,585-point plateau and it's expected to open to the upside again on Monday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The KOSPI finished modestly higher on Friday as gains from the financial shares and automobile producers were capped by weakness from the chemicals and technology stocks.

For the day, the index climbed rose 33.95 points or 0.75 percent to finish at 4,586.32 after trading between 4,500.48 and 4,590.03. Volume was 388.37 million shares worth 23.04 trillion won. There were 537 gainers and 340 decliners.

Among the actives, Shinhan Financial collected 0.39 percent, while KB Financial rallied 2.51 percent, Hana Financial climbed 1.09 percent, Samsung Electronics rose 0.14 percent, Samsung SDI slumped 1.29 percent, LG Electronics tanked 3.36 percent, SK Hynix retreated 1.59 percent, Naver vaulted 1.20 percent, LG Chem sank 0.79 percent, Lotte Chemical plunged 3.18 percent, SK Innovation stumbled 2.83 percent, POSCO Holdings expanded 1.16 percent, SK Telecom added 0.38 percent, KEPCO gained 0.51 percent, Hyundai Mobis accelerated 2.17 percent, Hyundai Motor skyrocketed 7.49 percent and Kia Motors surged 6.65 percent.

The lead from Wall Street is positive as the major averages opened higher on Friday and remained in the green throughout the trading day, ending near session highs.

The Dow jumped 237.96 points or 0.48 percent to finish at a record 49,504.07, while the NASDAQ rallied 191.33 points or 0.81 percent to end at 23,671.35 and the S&P 500 added 44.82 points or 0.65 percent to close at 6,966.28, also a record.

For the week, the Dow surged 2.3 percent, the NASDAQ jumped 1.9 percent and the S&P climbed 1.6 percent.

The strength on Wall Street reflected a positive reaction to the Labor Department's closely watched report on employment in December. With the report showing employment increased less than expected in December, the data has led to optimism about the outlook for interest rates.

While the Federal Reserve is still widely expected to leave interest rates unchanged at its next meeting later this month, the report has increased confidence in further rate cuts later this year.

Crude oil prices surged on Friday amid near-term supply concerns due to ongoing geopolitical tensions, a decline in U.S. inventories, and OPEC's decision to pause output increases. West Texas Intermediate crude for February delivery was up $1.58 or 2.74 percent at $59.34 per barrel.