(RTTNews) – The South Korea stock market has alternated between positive and negative finishes through the last 10 trading days since the end of the two-day losing streak in which it had stumbled almost 30 points or 1.3 percent. The KOSPI remains just beneath the 2,230-point plateau although it may bounce higher again on Thursday.
The global forecast for the Asian markets is slightly positive, with stocks expected to remain rangebound and inch higher following Wednesday’s losses. The European markets were down and the U.S. markets were up and the Asian bourses figure to follow the latter lead.
The KOSPI finished barely lower on Wednesday as losses from the automobile producers and technology stocks were mitigated by gains from the oil companies and mixed performances from the financials and chemicals.
For the day, the index eased 0.17 points or 0.01 percent to finish at 2,228.66 after trading between 2,221.62 and 2,238.86. Volume was 839 million shares worth 15.3 trillion won. There were 423 gainers and 412 decliners.
The lead from Wall Street is positive as stocks fluctuated on Wednesday but ended mostly higher.
The Dow added 165.44 points or 0.62 percent to finish at 27,005.84, while the NASDAQ gained 25.76 points or 0.24 percent to end at 10,706.13 and the S&P 500 rose 18.72 points or 0.57 percent to close at 3,276.02.
The strength on Wall Street came as traders remain optimistic about the economic outlook despite the recent surge in new coronavirus cases.
Adding to the optimism, the National Association of Realtors released a report showing existing home sales rebounded at a record pace in June after three straight months of declines.
Crude oil futures settled roughly flat Wednesday, recovering well from early lows as traders weighed demand and supply levels. West Texas Intermediate Crude oil futures for September ended down $0.02 at $41.90 a barrel.