(RTTNews) – South Korea’s inventory market rallied on Friday, a query after ending a four-day streak of consecutive wins in which it jumped nearly 100 numbers, or 4.2 percent. The KOSPI is now just above 2350 numbers and is expected to rise on Monday.
Global forecasts for Asian markets recommend a slight increase in optimism for economic recovery, an increasing number of coronavirus cases would possibly restrict the increase. European markets fell on Friday and U.S. stock markets rose and Asian markets are expected to stay to their liking.
The KOSPI closed higher on Friday as gains in financial and industrial stocks were constrained by weakness in tech companies.
For the day, the index gained 9.35 issues or 0.40% to finish at 2,353.80 after trading between 2,345.28 and 2,379.26. The volume of 1.3 billion shares is worth 15.3 trillion won. There were 583 winners and 253 declining.
The Wall Street advantage is that stocks rose on Friday, sending the NASDAQ and the S&P 500 to new final highs.
The Dow Jones rose 161.60 issues or 0.57% to end at 28,653.87, while the NASDAQ gained 70.30 issues or 0.60% to close at 11,695.63 and the S&P 500 rose 23.46 issues or 0.67% to close at 3508.01. For the week, the Dow Jones gained 2.6%, the NASDAQ was up 3.4% and the S&P was up 3.3%.
Wall Street came as investors continued to digest Federal Reserve Chairman Jerome Powell’s announcement that the central bank was adopting median inflation targets. Powell’s comments on Thursday were noted as an indication that the Fed will drop interest rates near 0 degrees for the foreseeable future, even if there is an acceleration in the speed of inflation.
In addition to the positive sentiment, the Commerce Department reported an unforeseen increase in the non-public revenue stream in July. In addition, the University of Michigan said that customer confidence in the United States increased more than expected in August.
Closer to home, South Korea will release July figures for commercial production and retail sales later this morning. Industrial production is expected to have grown 1.9% on a consistent basis over the month and fell 1.2% YoY after a 7.2% YoY and a 0.5% YoY drop in June. the year in June.