KOSPI May See Additional Support On Thursday

(RTTNews) - The South Korea stock market bounced higher again on Wednesday, one day after ending the 12-day winning streak in which it had skyrocketed more than 670 points or 15.3 percent. The KOSPI now sits just shy of the 4,910-point plateau and it may extend its gains on Thursday.

The global forecast for the Asian markets is cautiously optimistic and fairly fluid in light of U.S. demands to acquire Greenland. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow that lead.

The KOSPI finished modestly higher on Wednesday following gains from the automobile producers and mixed performances from the financial shares and technology stocks.

For the day, the index added 24.18 points or 0.49 percent to finish at 4,909.93 after trading between 4,807.13 and 4,910.54. Volume was 590 million shares worth 28.8 trillion won. There were 711 decliners and 185 gainers.

Among the actives, Shinhan Financial sank 0.85 percent, while KB Financial vaulted 2.78 percent, Hana Financial shed 0.50 percent, Samsung Electronics rallied 2.96 percent, Samsung SDI lost 0.61 percent, LG Electronics accelerated 4.10 percent, SK Hynix fell 0.40 percent, Naver stumbled 2.25 percent, LG Chem tanked 2.36 percent, Lotte Chemical slumped 0.54 percent, SK Innovation tumbled 2.94 percent, POSCO Holdings retreated 1.82 percent, SK Telecom skidded 1.93 percent, KEPCO expanded 3.82 percent, Hyundai Mobis soared 8.09 percent, Hyundai Motor skyrocketed 14.61 percent and Kia Motors surged 5.00 percent.

The lead from Wall Street is positive as the major averages opened higher on Wednesday and stayed in the green throughout the session, although not without volatility.

The Dow jumped 588.64 points or 1.21 percent to finish at 49,077.23, while the NASDAQ rallied 270.50 points or 1.18 percent to end at 23,224.82 and the S&P 500 climbed 87.76 points or 1.16 percent to close at 6,875.62.

The volatility on Wall Street came as traders reacted to President Donald Trump's latest remarks about his efforts to take control of Greenland.

Early buying interest was generated in reaction to Trump's speech at the World Economic Forum in Davos, Switzerland, where he ruled out the use of military force to take control of Greenland.

However, buying interest waned over the course of the morning amid lingering concerns about trade between the U.S. and Europe due to the dispute. But buying interest returned when Trump said he would not go forward with the tariffs he threatened to impose on several European nations

Crude oil posted incremental gains on Wednesday as traders assessed Trump's speech at the World Economic Forum, where he sought negotiations on the U.S. bid to acquire Greenland. West Texas Intermediate crude for March delivery was up $0.10 or 0.17 percent at $60.46 per barrel.

Closer to home, South Korea will provide preliminary Q4 figures for gross domestic product later this morning, with forecasts suggesting an increase of 0.1 percent on quarter and 1.9 percent on year. That follows the 1.3 percent quarterly increase and the 1.8 percent annual gain in the three months prior.