South Korean stocks could rebound again on Friday

(RTTNews) – The South Korean stock market on Thursday ended its three-day winning streak in which it gained more than 65 points, or 2.7 percent. The KOSPI now sits just above the 2,480-point plateau, although it could see renewed strength on Friday.

Global forecasts for Asian markets are optimistic thanks to strong results and support from crude oil. European and American markets finished higher and Asian stock markets are expected to continue this trend.

The KOSPI ended slightly lower on Thursday following losses from automakers, gains from the chemicals sector and mixed performances from the financial and technology sectors.

For the day, the index fell 1.66 points or 0.07 percent to end at 2,480.63 after trading between 2,474.62 and 2,496.97. Volume was 440.4 million shares worth 8.1 trillion won. There were 477 decliners and 392 winners.

Among assets, Shinhan Financial fell 0.36 percent, while KB Financial gained 1.78 percent, Hana Financial gained 0.82 percent, Samsung Electronics and Lotte Chemical both jumped 1.99 percent. percent, Samsung SDI rose 1.93 percent, LG Electronics lost 0.43 percent, SK Hynix skidded 1.06 percent. , Naver fell 1.76 percent, LG Chem climbed 1.03 percent, SK Innovation jumped 5.04 percent, POSCO climbed 3.05 percent, SK Telecom fell 0.71 percent, KEPCO fell 0.21 percent, Hyundai Mobis lost 0.39 percent, Hyundai Motor fell 1.37 percent and Kia Motors fell 0.51 percent.

Wall Street’s lead is positive since the main averages opened slightly lower on Thursday, but gradually increased and finished in the green.

The Dow rose 461.88 points or 1.06 percent to end at 43,870.35, while the NASDAQ rose 6.28 points or 0.03 percent to close at 18,972.42 and the S&P 500 advanced 31.60 points or 0.53 percent to finish at 5,948.71.

The Dow’s sharp rise came amid strong gains in IBM Corp. (IBM), Sherwin-Williams (SHW) and Salesforce (CRM).

The NASDAQ showed a lack of direction as traders tracked the performance of AI darling Nvidia (NVDA), which reported better-than-expected third-quarter earnings and revenue – but some traders expressed concerns about the slowdown in revenue growth.

In U.S. economic news, the Labor Department said last week that initial jobless claims unexpectedly fell to their lowest level in more than six months. Additionally, the Conference Board’s leading economic index fell more than expected in October.

Oil prices climbed Thursday as escalating geopolitical tensions due to the ongoing war between Russia and Ukraine offset recent data showing robust supply in the market. West Texas Intermediate crude oil futures for December closed up $1.35 or 1.96 percent at $70.10 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.