South Korea Bourse Set To End Losing Streak

(RTTNews) - The South Korea stock market has finished lower in five straight sessions, sinking almost 75 points or 3.2 percent along the way. The KOSPI now rests just beneath the 2,330-point plateau although it's finally tipped to open in the green on Thursday.

The global forecast for the Asian markets is broadly positive on bargain hunting and expectations for solid earnings news. The European and U.S. markets were sharply higher and the Asian bourses figure to follow suit.

The KOSPI finished slightly lower on Wednesday following losses from the technology stocks and automobile producers, while the financials came in mixed.

For the day, the index dipped 4.34 points or 0.19 percent to finish at 2,328.95 after trading between 2,325.78 and 2,347.00. Volume was 320.11 million shares worth 4.95 trillion won. There were 495 gainers and 365 decliners.

Among the actives, Shinhan Financial collected 0.40 percent, while KB Financial skidded 1.13 percent, Hana Financial strengthened 1.57 percent, Samsung Electronics slumped 1.02 percent, Samsung SDI stumbled 1.71 percent, LG Electronics dipped 0.23 percent, SK Hynix lost 0.38 percent, Naver fell 0.28 percent, LG Chem tumbled 1.74 percent, Lotte Chemical gained 0.61 percent, S-Oil added 0.69 percent, SK Innovation rose 0.30 percent, POSCO spiked 2.31 percent, SK Telecom perked 0.21 percent, KEPCO rallied 2.10 percent, Hyundai Mobis increased 0.50 percent and Hyundai Motor and Kia Motors both shed 0.64 percent.

The lead from Wall Street is upbeat as the major averages opened higher on Wednesday and remained solidly in the green throughout the session.

The Dow surged 526.74 points or 1.60 percent to finish at 33,376.48, while the NASDAQ spiked 162.26 points or 1.54 percent to end at 10,709.37 and the S&P 500 jumped 56.82 points or 1.49 percent to close at 3,878.44.

The rally on Wall Street came as stocks continued to benefit from bargain hunting and upbeat earnings news from companies like Nike (NKE) and FedEx (FDX).

In economic news, the Conference Board reported a significant improvement in U.S. consumer confidence in December. But the National Association of Realtors noted a continued slump in U.S. existing home sales in November.

Crude oil prices rose sharply on Wednesday after data showed a larger than expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for February ended higher by $2.06 at $78.29 a barrel.