South Korea’s stock market is expected to open in the green
(RTTNews) — South Korea’s stock market has climbed in five straight sessions, gaining more than 55 points, or 2.4 percent, along the way. KOSPI now rests just above the 2,450-point plateau and is expected to add to its winning streak again on Monday.
The global forecast for Asian markets is bullish on optimism on corporate earnings, as well as support from the energy and technology sectors. European and US markets ended strongly higher and Asian markets are likely to open similarly.
KOSPI ended marginally higher on Friday after gains from financials, oil companies and industrialists, while technology and chemical stocks were mixed.
For the day, the index settled 16.23 points or 0.67 per cent higher at 2,451.50 after trading between 2,442.01 and 2,463.05. The volume was 488 million shares worth 10.1 trillion won. There were 655 gainers and 203 decliners.
Among the active ones, KB Financial rose 1.68 percent, Hana Financial 1.09 percent, Samsung Electronics 0.81 percent, Samsung SDI 1.56 percent, LG Electronics 0.85 percent, SK Hynix 1.51 percent, Naver 4.84 percent, LG Chem 0.84 percent. Percentage, Lotte Chemical advanced 0.28 percent, S-Oil 0.55 percent, SK Innovation 3.02 percent, POSCO 1.47 percent, SK Telecom 1.52 percent, KEPCO 0.68 percent, Hyundai Motor 0.51 percent, Kia Motors 0.87 percent and Shinhan up by 0.87 percent. Financials were unchanged.
Gains from Wall Street are positive as key averages opened higher on Friday and ended near session highs as the day progressed.
The Dow rose 315.53 points, or 0.97 percent, to 32,845.13, while the Nasdaq jumped 228.09 points, or 1.88 percent, to 12,390.69 and the S&P 500 rose 57.86 points, or 1.42 percent, to 4,130.29.
For the week, the NASDAQ climbed 4.7 percent, the S&P 4.3 percent and the Dow 3.0 percent. The three-day rally also closed a strong month for stocks, with key averages posting their best monthly gains since 2020.
Continued strength on Wall Street reflected a positive response to the latest batch of earnings news from big-name companies such as Amazon (AMZN) and tech giant Apple (AAPL) – though others such as Intel (INTC) and Procter & Gamble (PG) People disappointed. ,
Crude oil prices rose sharply after the Energy Information Administration slashed US crude inventories last week. West Texas Intermediate crude futures for September were up $2.20, or 2.3 percent, at $98.62 a barrel. WTI crude futures rose 4.1 per cent in the week but fell 6.8 per cent in the month.
Closer to home, South Korea will release July figures for imports, exports and trade balances later today. Imports are expected to rise to 20.7 per cent from 19.4 per cent in June. Exports are said to be up 9.4 per cent annually, up from 5.4 per cent in the previous month. The trade deficit is estimated at $4.06 billion, down from $2.47 billion a month ago.
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