(RTTNews) – The South Korea stock market has finished higher in three straight sessions, advancing more than 130 points or 5.2 percent along the way. The KOSPI now rests just above the 2,700-point plateau and it’s expected to extend its gains on Monday.
The global forecast for the Asian markets is mixed to higher, with support from technology stocks and crude oil companies expected to lead the way higher. The European markets were own and the U.S. markets were mixed and Asian markets figure to follow the latter lead.
The KOSPI finished sharply higher on Friday following gains from the financial shares, oil companies and chemical and technology stocks, while the automobile producers were soft.
For the day, the index jumped 42.44 points or 1.57 percent to finish at 2,750.26 after trading between 2,712.87 and 2,751.80. Volume was 527 million shares worth 11.1 trillion won. There were 767 gainers and 122 decliners.
Among the actives, Shinhan Financial accelerated 2.20 percent, while KB Financial collected 2.53 percent, Hana Financial spiked 2.56 percent, Samsung Electronics advanced 0.95 percent, LG Electronics strengthened 1.59 percent, SK Hynix added 0.40 percent, Naver jumped 2.18 percent, LG Chem rose 0.15 percent, Lotte Chemical improved 1.01 percent, S-Oil soared 2.78 percent, SK Innovation surged 4.35 percent, POSCO perked 0.19 percent, SK Telecom added 0.18 percent, KEPCO climbed 1.42 percent, Hyundai Motor sank 0.78 percent and Kia Motors dropped 0.98 percent.
The lead from Wall Street is mixed to higher as the major averages were directionless on Monday, finally finishing on opposite sides of the unchanged line.
The Dow dipped 21.42 points or 0.06 percent to finish at 35,089.74, while the NASDAQ surged 219.19 points or 1.58 percent to end at 14,098.01 and the S&P 500 gained 23.09 points or 0.52 percent to close at 4,500.53. For the week, the NASDAQ gained 2.5 percent, the S&P added 1.5 percent and the Dow was up 1.1 percent.
Traders reacted to much better than expected U.S. employment data from the Labor Department, which is good for economic recovery but spurred concerns for the outlook on interest rates.
Expectations for more aggressive tightening by the Federal Reserve lifted bond yields. The yield on long term U.S. 10-year Treasury note rose about the 1.9 percent mark for the first time in more than two years.
In earnings news, Amazon, Snap, Pinterest, Salesforce.com, JP Morgan Chase, Goldman Sachs, Microsoft, Walt Disney, Chevron and American Express all had solid numbers.
Crude oil prices rose sharply on Friday and lifted the most active crude futures contracts to their highest close in over seven years. Rising concerns over supply disruptions fueled the rally, as did mounting tensions between Russia and Ukraine. West Texas Intermediate Crude oil futures for March ended higher by $2.04 or 2.3 percent at $92.31 a barrel, the highest settlement since September 29, 2014. WTI crude oil futures gained more than 6 percent in the week.
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