The South Korea stock market has finished higher in back-to-back trading days, collecting almost 15 points or 0.5 percent along the way. The KOSPI now sits just above the 3,185-point plateau and it may add to its winnings on Monday.
The global forecast for the Asian market is cautiously optimistic, with upside limited by surging coronavirus cases in India. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.
The KOSPI finished slightly higher on Friday following gains from the financials, weakness from the automobile producers and a mixed picture from the technology, chemical and oil stocks.
For the day, the index added 8.58 points or 0.27 percent to finish at 3,186.10 after trading between 3,146.54 and 3,188.70. Volume was 2.2 billion shares worth 15.4 trillion won. There were 426 gainers and 421 decliners.
Among the actives, Shinhan Financial collected 0.67 percent, while KB Financial jumped 1.50 percent, Hana Financial rallied 2.14 percent, Samsung Electronics gained 0.49 percent, SK Hynix fell 0.38 percent, Naver shed 0.66 percent, LG Chem rose 0.34 percent, Lotte Chemical retreated 1.01 percent, S-Oil dropped 0.89 percent, SK Innovation spiked 2.08 percent, POSCO perked 0.71 percent, SK Telecom climbed 1.29 percent, KEPCO dipped 0.21 percent, Hyundai Motor tanked 2.21 percent, Kia Motors and Hyundai Mobis both plunged 2.52 percent and LG Electronics was unchanged.
The lead from Wall Street is positive as the major averages showed a strong move to the upside, picking up steam as the session progressed.
The Dow spiked 227.59 points or 0.67 percent, while the NASDAQ jumped 198.39 points or 1.44 percent to end at 14,016.81 and the S&P 500 gained 45.19 points or 1.09 percent to close at 4,180.17. For the week, the Dow fell 0.5 percent, the NASDAQ shed 1.4 percent and the S&P eased 0.1 percent.
The rebound on Wall Street partly reflected the volatility seen over the past few sessions, which saw the major averages show big swings back-and-forth.
Optimism about the economic recovery has helped prop up the markets, although concerns about high valuations and surging coronavirus cases overseas have led to worries about the near-term outlook.
In economic news, the Commerce Department reported a substantial rebound in new home sales in March, sending sales to their highest level since August 2006.
Crude oil prices moved higher on Friday, lifted by buoyant demand for energy in the U.S. despite a weak global outlook. West Texas Intermediate Crude futures for June ended up by $0.71 or 1.2 percent at $62.14 a barrel. WTI crude futures shed 1.7 percent in the week.
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