FX.co ★ KOSPI May Add To Its Winnings On Monday

The South Korean stock market has been on an upward trajectory for several trading days in a row, gaining almost 120 points or 5 percent. The KOSPI market currently sits just above the 2,615-point mark and is predicted to open higher yet again on Monday.

The global forecast for Asian markets is promising, spurred by robust U.S. employment data. Despite the decreased chances of an interest rate increase next month, this positive outlook is projected to resonate with the European markets’ steady performance and the U.S. markets’ gains.

On Friday, the KOSPI closed with substantial gains across all sectors, most notably within the financial, industrial, and technology industries. The index rallied 72.85 points or 2.87 percent that day, closing at 2,615.31 after fluctuating between 2,559.39 and 2,615.34.

Shares for companies such as Shinhan Financial, KB Financial, Hana Financial, Samsung Electronics, and LG Electronics experienced respectable gains. In contrast, companies like SK Telecom and KEPCO observed minor reductions.

U.S. indices opened mixed on Friday, but showed a consistent upward trend and closed on a high note. The Dow and the S&P 500 attained new record closing highs, and the NASDAQ experienced a significant surge.

Positive earning reports from Meta Platforms (Facebook’s parent company) and Amazon provided a boost to Wall Street. Strong job growth in January, reported by the Labor Department, further strengthened the market, even if it reduced the chances of an interest rate cut in March.

The oil market, however, experienced a different fate. Oil prices fell sharply as hopes for an early rate cut by the Federal Reserve were quelled by data showing significant growth in U.S. non-farm payroll employment. The unexpected strength of the dollar following the jobs report also put downward pressure on oil prices. Even so, a robust jobs market generally spells good news for the stock market and the overall economy.