Continued Support Predicted For South Korea Stock Market

The South Korea stock market has finished higher in five straight sessions, advancing more than 75 points or 3.9 percent along the way. The KOSPI now rests just above the 2,135-point plateau and it's looking at another green light again on Friday.


The global forecast for the Asian markets is upbeat on growing optimism for a trade deal between the United States and China. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.


The KOSPI finished sharply higher on Thursday following gains from the financial shares, technology stocks and industrial issues.


For the day, the index jumped 31.73 points or 1.51 percent to finish at 2,137.35 after trading between 2,120.13 and 2,138.93.


Among the actives, Shinhan Financial climbed 1.26 percent, while KB Financial collected 0.73 percent, Hana Financial jumped 1.62 percent, Samsung Electronics accelerated 2.70 percent, LG Electronics rose 0.35 percent, SK Hynix surged 3.47 percent, POSCO perked 1.95 percent, SK Telecom sank 0.62 percent, KEPCO tumbled 2.98 percent, Hyundai Motors added 0.84 percent, Kia Motors advanced 1.69 percent and LG Chem was unchanged.


The lead from Wall Street is positive as stocks moved sharply higher on Thursday on renewed optimism for a U.S.-China trade deal.


The Dow added 220.75 points or 0.79 percent to 28,132.05, while the NASDAQ gained 63.27 points or 0.73 percent top 8,717.32 and the S&P 500 rose 26.94 points or 0.86 percent to 3,168.57.

The early rally on Wall Street came after President Donald Trump expressed optimism about a potential U.S.-China trade deal. "Getting VERY close to a BIG DEAL with China. They want it, and so do we!" Trump said in a post on Twitter just after the start of trading.


Trump also met with top trade advisers to discuss current plans to raise tariffs on $160 billion worth of Chinese goods on Sunday; officials downplayed the repercussions the new tariffs would have on the U.S. economy.


Crude oil process were higher Thursday, supported by reports from OPEC that there could be an oil market deficit next year. West Texas Intermediate Crude oil futures for January ended up $0.42 or 0.7 percent at $59.18 a barrel.




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