The South Korea stock market has finished higher in two straight sessions, accelerating nearly 85 points or 3.2 percent along the way. The KOSPI now rests just above the 2,675-point plateau and it figures to remain in that neighborhood again on Thursday.
The global forecast for the Asian markets is murky, with coronavirus concerns tempered by optimism for vaccines to treat the virus. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow suit.
The KOSPI finished sharply higher on Wednesday following gains from the financial shares, technology stocks and industrials.
For the day, the index jumped 41.65 points or 1.58 percent to finish at 2,675.90 after trading between 2,644.53 and 2,677.26. Volume was 1.05 billion shares worth 16.9 trillion won. There were 475 gainers and 353 decliners.
Among the actives, Shinhan Financial accelerated 3.17 percent, while KB Financial jumped 1.96 percent, Hana Financial collected 1.87 percent, Samsung Electronics rallied 2.51 percent, LG Electronics eased 0.12 percent, SK Hynix skyrocketed 8.46 percent, Samsung SDI advanced 0.91 percent, LG Chem soared 3.96 percent, Lotte Chemical added 0.88 percent, S-Oil gained 1.14 percent, POSCO perked 1.83 percent, SK Telecom climbed 1.06 percent, KEPCO rose 0.46 percent, Hyundai Motor shed 0.54 percent, Kia Motors gathered 1.67 percent and SK Innovation was unchanged.
The lead from Wall Street suggests mild upside as stocks opened in the red on Wednesday, but the Dow and S&P 500 were able to climb barely into negative territory before the session ended.
The Dow added 59.87 points or 0.20 percent to finish at 29,883, while the NASDAQ eased 5.74 points or 0.05 percent to end at 12,349.37 and the S&P 500 rose 6.56 points or 0.18 percent to close at 3,669.01.
The early weakness on Wall Street was generated in reaction to a report from payroll processor ADP showing private sector employment in the U.S. increased by less than expected last month.
Selling pressure waned over the course of the morning, however, as traders remain optimistic about potential coronavirus vaccines. The U.K. has approved the vaccine candidate developed by Pfizer (PFE) and BioNTech (BNTX), with the vaccine expected to be rolled out next week.
Traders also seem optimism lawmakers in Washington will reach an agreement on a new fiscal stimulus bill as both parties issue new proposals.
Crude oil prices moved higher on Wednesday, as data showed a drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for January ended higher by $0.73 or 1.6 percent at $45.28 a barrel.
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