KOSPI Due For Profit Taking On Friday

(RTTNews) - The South Korea stock market has finished sharply higher in three straight sessions, skyrocketing almost 900 points or 12.5 percent in that span. Now at a fresh record closing high, the KOSPI sits just above the 7,490-point although investors are likely to lock in gains on Friday.

The global forecast for the Asian markets is soft, with profit taking expected amid continued uncertainty over the conflict in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The KOSPI finished sharply higher again on Thursday following gains from the financial shares and automobile producers, while the chemicals and technology stocks were mixed.

For the day, the index jumped 105.49 points or 1.43 percent to finish at 7,490.05 after trading between 7,257.89 and 7,531.88. Volume was 755.4 million shares worth 49.8 trillion won. There were 501 decliners and 353 gainers.

Among the actives, Shinhan Financial vaulted 1.64 percent, while KB Financial collected 1.45 percent, Hana Financial strengthened 2.63 percent, Samsung Electronics jumped 2.07 percent, Samsung SDI shed 0.57 percent, LG Electronics plunged 4.00 percent, SK Hynix rallied 3.31 percent, Naver fell 0.24 percent, LG Chem rose 0.35 percent, Lotte Chemical lost 0.40 percent, SK Innovation plummeted 6.07 percent, POSCO Holdings soared 5.73 percent, SK Telecom tanked 2.41 percent, KEPCO sank 0.78 percent, Hyundai Mobis spiked 2.08 percent, Hyundai Motor accelerated 4.00 percent and Kia Motors expanded 1.94 percent.

The lead from Wall Street is weak as the major averages opened mixed on Thursday but gradually tracked into the red and finished under water.

The Dow dropped 313.62 points or 0.63 percent to finish at 49,596.97, while the NASDAQ dipped 32.75 points or 0.13 percent to close at 25,806.20 and the S&P 500 sank 28.01 points or 0.38 percent to end at 7,337.11.

Stocks showed a lack of direction early in the day as traders remain optimistic about a peaceful end to the conflict in the Middle East but may want to see more tangible results from U.S.-Iran negotiations before making big bets.

But selling pressure picked as crude oil prices saw a substantial turnaround over the course of the day, with U.S. crude oil futures jumping by more than 1 percent following reports that Iran is attempting to force shippers to comply with a new protocol for transiting the Strait of Hormuz.

Crude oil prices had moved lower as Iran reviews a peace plan offered by the U.S. to end the gulf war but bounced higher again on supply concerns. West Texas Intermediate crude for June delivery was at $94.76 per barrel.

In U.S. economic news, a report released by the Labor Department showed first-time claims for U.S. unemployment benefits rebounded by less than expected in the week ended May 2.

Closer to home, South Korea will release March data for its current account this morning; in February, the current account surplus was $23.19 billion.