The South Korea stock market on Thursday snapped the four-day winning streak in which it had advanced almost 60 points or 2.4 percent. The KOSPI now rests just above the 2,465-point plateau although it's expected to bounce higher again on Friday.
The global forecast for the Asian markets is upbeat thanks to optimism ahead of today's job report from the United States, plus another bump in crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to follow suit.
The KOSPI finished modestly lower on Thursday following losses from the technology stocks, automobile producers and financial shares.
For the day, the index sank 19.89 points or 0.80 percent to finish at 2,466.46 after trading between 2,466.45 and 2,502.50. Volume was 330 million shares worth 6.8 trillion won. There were 547 decliners and 271 gainers.
Among the actives, Shinhan Financial surrendered 1.10 percent, while Woori Bank lost 0.95 percent, Samsung Electronics skidded 1.05 percent, SK hynix shed 0.77 percent, LG Electronics tumbled 3.2 percent, LG Chem plunged 3.42 percent, Hyundai Motor retreated 2.66 percent, Kia Motors plummeted 3.22 percent, POSCO spiked 2.8 percent, Hyundai Steel fell 0.85 percent, Naver advanced 2.53 percent, Hyundai Heavy surged 6.41 percent and Daewoo Shipbuilding dropped 4.07 percent.
The lead from Wall Street is positive as stocks opened in the green on Thursday and stayed that way, allowing the major averages to again hit to fresh record closing highs.
The Dow climbed 152.45 points or 0.61 percent to 25,075.13, while the NASDAQ edged up 12.38 points or 0.18 percent to 7,077.91 and the S&P 500 rose 10.93 points or 0.40 percent to 2,723.99.
Early buying interest was generated when payroll processor ADP said private sector employment jumped more than expected in December. But then the Labor Department said initial jobless claims unexpectedly inched higher in the week ended December 30th.
Later today, the Labor Department is due to release its more closely watched monthly employment report for December.
Crude oil futures rose further Thursday as data confirmed another significant drop in U.S. oil inventories. February WTI oil climbed 38 cents or 0.6 percent to $62.01/bbl on Nymex, the highest in more than three years.
Closer to home, South Korea will release November data for current account later this morning; in October, the current account surplus was $5.01 billion.
by RTT Staff Writer
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