(RTTNews) - The South Korea stock market on Wednesday snapped the five-day winning streak in which it had climbed more than 60 points or 2.4 percent. The KOSPI now rests just above the 2,480-point plateau although it's predicted to rebound again on Thursday.
The global forecast for the Asian markets is upbeat thanks to easing inflation concerns. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.
The KOSPI finished modestly lower on Wednesday following losses from the financials, technology stocks and automobile producers, while the heavy industrials offered support.
For the day, the index slumped 22.58 points or 0.90 percent to finish at 2,480.88 after trading between 2,478.21 and 2,494.15. Volume was 471.7 million shares worth 8.9 trillion won. There were 567 decliners and 301 gainers.
Among the actives, Shinhan Financial dropped 0.97 percent, while KB Financial dipped 0.20 percent, Hana Financial fell 0.38 percent, Samsung Electronics slumped 1.50 percent, LG Electronics lost 2.01 percent, SK Hynix tanked 3.47 percent, Naver skidded 1.13 percent, LG Chem plunged 3.43 percent, Lotte Chemical added 0.56 percent, S-Oil declined 1.14 percent, SK Innovation tumbled 2.05 percent, POSCO climbed 1.02 percent, Hyundai Engineering & Construction surged 7.54 percent, SK Telecom retreated 1.32 percent, KEPCO sank 0.91 percent, Hyundai Motor shed 0.52 percent, Kia Motors weakened 0.98 percent and Hyundai Mobis was unchanged.
The lead from Wall Street is broadly positive as the major averages opened firmly higher on Wednesday and stayed that way throughout the day, ending at three-month closing highs.
The Dow spiked 535.10 points or 1.63 percent to finish at 33,309.51, while the NASDAQ surged 360.88 points or 2.89 percent to end at 12,854.80 and the S&P 500 jumped 87.77 points or 2.13 percent to close at 4,210.24.
The rally on Wall Street came after the Labor Department released a report showing U.S. consumer prices unexpectedly came in flat in the month of July.
The tamer than expected inflation data has led to speculation that the Federal Reserve may slow the pace of interest rate hikes at its September meeting.
Crude oil prices climbed higher on Wednesday, lifted by data showing a bigger-than-expected drop in gasoline inventories in the U.S. last week. A weak dollar and increased demand for gasoline also contributed to the jump in oil prices. West Texas Intermediate Crude oil futures ended higher by $1.43 or 1.6 percent at $91.93 a barrel.
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