(RTTNews) – The South Korea stock market on Wednesday halted the two-day winning streak in which it had collected more than 30 points or 1.3 percent. The KOSPI now rests just above the 2,375-point plateau although it’s expected to rebound on Thursday.
The global forecast for the Asian markets is upbeat, with bargain hunting on the menu – especially among the technology and oil stocks, which were hammered in recent days. The European and U.S. markets were sharply higher and the Asian bourses are tipped to follow suit.
The KOSPI finished sharply lower on Wednesday following losses from the financials, industrials, oil companies and technology stocks.
For the day, the index skidded 26.10 points or 1.09 percent to finish at 2,375.81 after trading between 2,369.12 and 2,388.85. Volume was 929 million shares worth 15.2 trillion won. There were 618 decliners and 240 gainers.
Among the actives, Shinhan Financial retreated 2.24 percent, while KB Financial lost 0.79 percent, Hana Financial declined 1.25 percent, Samsung Electronics shed 0.51 percent, LG Electronics surged 5.13 percent, SK Hynix tanked 2.64 percent, Samsung SDI sank 1.38 percent, LG Chem tumbled 1.41 percent, Lotte Chemical surged 3.99 percent, S-Oil plunged 2.10 percent, SK Innovation slid 1.35 percent, POSCO skidded 1.07 percent, SK Telecom surrendered 1.45 percent, KEPCO dropped 0.98 percent, Hyundai Motors slid 0.30 percent and Kia Motors fell 0.47 percent.
The lead from Wall Street is solid as stocks opened sharply higher on Wednesday and stayed that way throughout the trading day.
The Dow spiked 439.58 points or 1.60 percent to finish at 27,940.47, while the NASDAQ jumped 293.87 points or 2.71 percent to end at 11,141.56 and the S&P 500 climbed 67.12 points or 2.01 percent to close at 3,398.96.
The rebound on Wall Street came as some traders picked up stocks at reduced levels following the recent sell-off. Technology stocks showed a substantial rebound – especially Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN).
Gold stocks moved sharply higher, along with chemical, housing and retail stocks.
Crude oil prices surged higher on Wednesday, rebounding sharply from heavy selling a session earlier. Up from a three-month low, West Texas Intermediate Crude Oil futures for October ended up $1.29 or 3.5 percent at $38.05 a barrel.