(RTTNews) – The South Korea stock market on Thursday ended the three-day slide in which it had given up almost 850 points or 10.1 percent. The KOSPI now sits just beneath the 7,290-point plateau and it may add to its winnings on Friday.
The global forecast for the Asian markets is positive, with technology stocks likely to lead the markets higher – while sinking oil prices add to the upbeat sentiment. The European and U.S. markets were up and the Asian markets figure to follow that lead.
The KOSPI finished modestly higher on Thursday as gains from the technology stocks were capped by weakness among the automobile producers.
For the day, the index gained 45.12 points or 0.62 percent to finish at 7,291.91. Volume was 574.75 million shares worth 37.46 trillion won. There were 651 decliners and 235 gainers.
The lead from Wall Street is upbeat as the major averages opened flat on Thursday but trended upward for most of the day, ending near session highs.
The Dow climbed 139.02 points or 0.27 percent to finish at 52,487.41, while the NASDAQ rallied 336.24 points or 1.30 percent to end at 26,206.89 and the S&P 500 gained 60.93 points or 0.81 percent to close at 7,543.64.
The strength on Wall Street reflected a rally by technology stocks. Positive sentiment was generated in reaction to reports that the SK Hynix IPO was heavily oversubscribed, with the South Korean semiconductor company’s U.S.-listed shares expected to commence trading later today.
A sharp pullback by the price of crude oil also generated buying interest. After soaring over the past two days, oil prices gave back ground as traders remain optimistic that a full-blown war can be avoided.
Crude oil prices tumbled on Thursday following reports that Iran is seeking a deal with the U.S., raising expectations of an end to the ongoing standoff. West Texas Intermediate crude for August delivery was down $1.52 or 2.07 percent at $72.00 per barrel.
