The South Korean stock market rose for the second consecutive session, gaining over 25 points, or 1%, in total. The KOSPI index now stands just above the 2,750-point mark, although it may face some volatility on Friday.
The global outlook for Asian markets suggests some consolidation, primarily due to profit-taking after a recent rally. Both European and U.S. markets experienced declines, and it is anticipated that Asian markets will follow this trend.
On Thursday, the KOSPI saw moderate gains driven by financials, technology stocks, and industrial companies. The index added 22.66 points, or 0.83%, to close at 2,753, with a trading range between 2,748.22 and 2,773.46. Trading volume was at 510.3 million shares, worth 13 trillion won. The market recorded 531 gainers and 345 decliners.
Key movers included Shinhan Financial, which rose 1.37%, and KB Financial, which climbed 1.76%. Hana Financial accelerated by 3.58%, while Samsung Electronics slightly dipped by 0.13%. Samsung SDI added 0.68%, LG Electronics increased by 0.51%, and SK Hynix surged 4.16%. Naver rallied 2.22%, LG Chem advanced 0.37%, and Lotte Chemical plunged 2.89%. S-Oil dipped 0.14%, SK Innovation fell 0.63%, and POSCO edged up 0.25%. Meanwhile, SK Telecom retreated 1.52%, KEPCO dropped 0.30%, Hyundai Mobis climbed 1.11%, Hyundai Motor gained 0.20%, and Kia Motors improved by 0.70%.
Wall Street finished on a soft note as major averages mostly remained positive for much of Thursday before late profit-taking brought them down. The Dow Jones Industrial Average fell by 38.62 points, or 0.10%, to close at 39,869.38. The NASDAQ declined 44.07 points, or 0.26%, to 16,698.32, and the S&P 500 dipped 11.05 points, or 0.21%, to end at 5,297.10.
Early gains on Wall Street stemmed from Wednesday's rally, fueled by optimism over interest rates driven by tamer-than-expected consumer price inflation data. However, buying interest waned as traders moved to secure recent gains.
Economically, the Labor Department reported a decline in initial jobless claims last week. Additionally, a separate Labor Department report showed U.S. import prices increased more than expected in April, while industrial production remained flat.
Oil prices continued to rise on Thursday, benefiting from data indicating a larger-than-expected decline in U.S. crude inventories last week. The prospects of an interest rate cut in September also boosted oil prices. West Texas Intermediate crude oil futures for June increased by $0.60, closing at $79.23 per barrel.