KOSPI Overdue For Profit Taking On Friday

(RTTNews) - The South Korea stock market has moved higher in four straight sessions, collecting more than 430 points or 8.2 percent in that span. Now at a fresh record closing high, the KOSPI sits just above the 5,520-point plateau although investors figure to lock in gains on Friday.

The global forecast for the Asian markets is soft on AI concerns and ahead of key U.S. inflation data. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The KOSPI finished sharply higher on Thursday with gains from the financial shares, technology stocks and chemical companies.

For the day, the index soared 167.78 points or 3.13 percent to close at 5,522.27. Volume was 739.2 million shares worth 31.8 trillion won. There were 616 gainers and 272 decliners.

Among the actives, Shinhan Financial vaulted 5.05 percent, while KB Financial collected 2.43 percent, Hana Financial rallied 3.34 percent, Samsung Electronics surged 6.44 percent, Samsung SDI strengthened 2.25 percent, LG Electronics plunged 5.08 percent, SK Hynix spiked 3.26 percent, Naver sank 0.78 percent, LG Chem jumped 4.34 percent, Lotte Chemical expanded 2.50 percent, SK Innovation climbed 2.47 percent, POSCO Holdings advanced 2.96 percent, SK Telecom soared 3.45 percent, KEPCO slumped 1.48 percent, Hyundai Motor shed 0.59 percent, Kia Motors accelerated 2.78 percent and Hyundai Mobis was unchanged.

The lead from Wall Street is negative as the major averages opened slightly higher on Thursday but quickly headed south and trended lower as the day progressed, ending at session lows.

The Dow stumbled 669.42 points or 1.34 percent to finish at 49,451.98, while the NASDAQ plunged 469.32 points or 2.03 percent to close at 22,597.15 and the S&P 500 dropped 108.71 points or 1.57 percent to end at 6,832.76.

The sell-off on Wall Street was partly attributed to concerns about the impact of the artificial intelligence buildout on industries other than the tech sector, such as financial, transportation and logistics and commercial real estate companies.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits dipped less than expected last week. Also, the National Association of Realtors said existing home sales pulled back much more than expected in January.

The focus now shifts to the Labor Department's report on consumer price inflation that is due to be released before the start of trading on Friday.

Crude oil prices tumbled on Thursday after the demand forecast by the International Energy Agency for 2026 projected an overwhelming supply glut. West Texas Intermediate crude for March delivery was down $1.97 or 3.05 percent at $62.66 per barrel.