(RTTNews) - The South Korea stock market has climbed higher in five straight sessions, gathering more than 55 points or 2.4 percent along the way. The KOSPI now rests just above the 2,450-point plateau and it's expected to add to its winnings again on Monday.
The global forecast for the Asian markets is upbeat on optimism over corporate earnings, plus support from the energy and technology sectors. The European and U.S. markets were solidly higher and the Asian bourses are tipped to open in similar fashion.
The KOSPI finished modestly higher on Friday following gains from the financials, oil companies and industrials, while the technology and chemical stocks were mixed.
For the day, the index gained 16.23 points or 0.67 percent to finish at 2,451.50 after trading between 2,442.01 and 2,463.05. Volume was 488 million shares worth 10.1 trillion won. There were 655 gainers and 203 decliners.
Among the actives, KB Financial strengthened 1.68 percent, while Hana Financial climbed 1.09 percent, Samsung Electronics dropped 0.81 percent, Samsung SDI slumped 1.56 percent, LG Electronics increased 0.85 percent, SK Hynix retreated 1.51 percent, Naver surged 4.84 percent, LG Chem rallied 0.84 percent, Lotte Chemical fell 0.28 percent, S-Oil gained 0.55 percent, SK Innovation soared 3.02 percent, POSCO improved 1.47 percent, SK Telecom jumped 1.52 percent, KEPCO added 0.68 percent, Hyundai Motor collected 0.51 percent, Kia Motors advanced 0.87 percent and Shinhan Financial was unchanged.
The lead from Wall Street is positive as the major averages opened higher on Friday and accelerated as the day progressed, ending near session highs.
The Dow spiked 315.53 points or 0.97 percent to finish at 32,845.13, while the NASDAQ jumped 228.09 points or 1.88 percent to end at 12,390.69 and the S&P 500 gained 57.86 points or 1.42 percent to close at 4,130.29.
For the week, the NASDAQ spiked 4.7 percent, the S&P climbed 4.3 percent and the Dow gained 3.0 percent. The three-day rally also capped off a strong month for stocks, with the major averages recording their best monthly gains since 2020.
The continued strength on Wall Street reflected a positive reaction to the latest batch of earnings news from big-name companies like Amazon (AMZN) and tech giant Apple (AAPL) - although others like Intel (INTC) and Proctor & Gamble (PG) disappointed.
Crude oil prices rose sharply after the Energy Information Administration said U.S. crude inventories tumbled last week. West Texas Intermediate Crude oil futures for September ended higher by $2.20 or 2.3 percent at $98.62 a barrel. WTI crude futures gained 4.1 percent in the week but fell 6.8 percent in the month.
Closer to home, South Korea will release July numbers for imports, exports and trade balance later today. Imports are expected to jump 20.7 percent on year, up from 19.4 percent in June. Exports are called higher by an annual 9.4 percent, up from 5.4 percent in the previous month. The trade deficit is pegged at $4.06 billion following the $2.47 billion shortfall a month earlier.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
