South Korea Bourse May Extend Winning Streak

(RTTNews) - The South Korea stock market has climbed higher in four straight sessions, advancing almost 60 points or 2.8 percent along the way. The KOSPI now rests just beneath the 2,125-point plateau and it's predicted to open higher again on Monday.

The global forecast for the Asian markets is positive on global trade optimism and a surge in crude oil prices. The European and U.S. markets were firmly higher on Friday and the Asian bourses are expected to open in similar fashion.

The KOSPI finished modestly higher on Friday as gains from the technology stocks and industrials were tempered by weakness from the financial sector.

For the day, the index advanced 17.22 points or 0.82 percent to finish at 2,124.28 after trading between 2,113.44 and 2,124.50. Volume was 449.28 million shares worth 5.2 trillion won. There were 622 gainers and 208 decliners.

Among the actives, Hana Financial slipped 0.91 percent, while Shinhan Financial skidded 1.45 percent, KB Financial tumbled 1.89 percent, SK Telecom added 0.37 percent, KEPCO retreated 1.88 percent, Hyundai Motor climbed 1.16 percent, Kia Motors soared 2.43 percent, Samsung Electronics added 0.83 percent, SK Hynix shed 0.46 percent, LG Electronics jumped 1.36 percent, POSCO eased 0.19 percent, S-Oil added 0.20 percent, SK Innovation gained 0.55 percent, LG Chem spiked 2.36 percent and Woori Bank was unchanged.

The lead from Wall Street is upbeat as stocks moved sharply higher Friday, extending recent gains as the major averages hit their best closing levels in more than a month.

The Dow jumped 336.25 points or 1.38 percent to 24,706.35, while the NASDAQ rose 72.76 points or 1.03 percent to 7,157.23 and the S&P added 34.75 points or 1.32 percent to 2,670.71. For the week, the Dow spiked 3 percent, the NASDAQ rose 2.7 percent and the S&P gained 2.9 percent.

The rally on Wall Street rode continued optimism about trade talks between the U.S. and China as reports suggested China may go on a six-year buying spree to ramp up imports from the U.S.

In economic news, the University of Michigan noted a substantial drop in U.S. consumer sentiment in January. Also, the Federal Reserve said industrial production increased more than expected in December, as jumps in manufacturing and mining offset a pullback in utilities output.

Crude oil prices surged on Friday, driven by an OPEC report that showed the biggest monthly drop in crude production in nearly two years in December. Crude oil futures for February ended up $1.73 or 3.3 percent at $53.80 a barrel.