Overbought KOSPI Called Higher Again

(RTTNews) - The South Korea stock market has moved higher in six straight sessions, advancing almost 1,350 points or 16 percent along the way. Now at a fresh record closing high, the KOSPI sits just above the 9,060-point plateau and it's got a positive lead again on Friday.

The global forecast for the Asian markets is upbeat as both sides appear to signal an end to the U.S.-Iran conflict. The European and U.S. markets were up and the Asian bourses are expected to follow suit.

The KOSPI finished sharply higher on the strength of its technology stocks, while the financials, chemicals and industrials were weak.

For the day, the index jumped 199.60 points or 2.25 percent to finish at 9,063.84 after trading between 8,867.34 and 9,106.07. Volume was 505.9 million shares worth 49.9 trillion won. There were 788 decliners and 109 gainers.

Among the actives, Shinhan Financial tumbled 2.23 percent, while Hana Financial and KB Financial both shed 0.55 percent, Samsung Electronics spiked 4.62 percent, Samsung SDI plunged 5.09 percent, LG Electronics tanked 2.56 percent, SK Hynix soared 6.51 percent, Naver surrendered 3.49 percent, LG Chem cratered 5.12 percent, Lotte Chemical stumbled 2.93 percent, SK Innovation plummeted 5.05 percent, POSCO Holdings retreated 4.55 percent, SK Telecom slumped 3.13 percent, KEPCO climbed 1.03 percent, Hyundai Mobis dropped 4.44 percent, Hyundai Motor sank 2.75 percent and Kia Motors crashed 4.51 percent.

The lead from Wall Street is firm as the major averages opened higher and remained in the green throughout the trading day.

The Dow added 72.15 points or 0.14 percent to finish at 51,56.70, while the NASDAQ rallied 496.28 points or 1.91 percent to close at 26,517.93 and the S&P 500 jumped 80.48 points or 1.08 percent to end at 7,500.58.

For the holiday shortened week, the NASDAQ shot up by 2.4 percent, the S&P 500 advanced by 0.9 percent and the Dow climbed by 0.7 percent. The markets are closed on Friday for the Juneteenth holiday.

The rebound on Wall Street reflected a positive reaction to news the U.S. and Iran have officially signed a preliminary agreement to end the Middle East war.

Intel (INTC) fueled a rally by semiconductor stocks on reports that Apple (AAPL) has agreed to work with the company to design and build its chips in the U.S.

In U.S. economic news, a report released by the Labor Department showed a modest pullback in first-time claims for U.S. unemployment benefits last week.

Crude oil prices edged lower on Thursday after the reopening of the Strait of Hormuz and the resumption of the free flow of oil from the gulf. West Texas Intermediate crude for July delivery was down $0.53 or 0.69 percent at $76.26 per barrel.