South Korea Shares Due For Support On Thursday

(RTTNews) - The South Korea stock market has moved lower in back-to-back sessions, falling almost 20 points or 0.5 percent in that span. The KOSPI now sits just above the 4,135-point plateau although it may find traction on Thursday.

The global forecast for the Asian markets is upbeat following the FOMC's rate decision and optimism over future moves. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The KOSPI finished slightly lower on Wednesday following losses from the financial shares and automobile producers and mixed performances from the technology and chemical companies.

For the day, the index shed 8.55 points or 0.21 percent to finish at 4,135.00 after trading between 4,123.60 and 4,172.64. Volume was 311.3 million shares worth 12.5 trillion won.

Among the actives, Shinhan Financial retreated 1.40 percent, while KB Financial skidded 1.19 percent, Hana Financial tumbled 1.51 percent, Samsung Electronics fell 0.37 percent, Samsung SDI spiked 2.42 percent, LG Electronics slumped 1.05 percent, SK Hynix rallied 3.71 percent, Naver declined 1.41 percent, LG Chem dropped 0.92 percent, Lotte Chemical improved 0.82 percent, SK Innovation shed 0.60 percent, POSCO Holdings perked 0.16 percent, SK Telecom sank 0.74 percent, KEPCO stumbled 1.97 percent, Hyundai Mobis advanced 0.84 percent, Hyundai Motor contracted 1.47 percent and Kia Motors lost 0.32 percent.

The lead from Wall Street is positive as the major averages opened flat and hugged the line before taking off late in the day.

The Dow jumped 497.46 points or 1.05 percent to finish at 48,057.75, while the NASDAQ added 77.67 points or 0.33 percent to close at 23,654.16 and the S&P 500 gained 46.17 points or 0.67 percent to end at 6,886.68.

The late-day strength on Wall Street came after the Fed announced its widely expected decision to cut interest rates by another quarter point, matching the rate cuts seen in September and October.

While a majority of Fed officials voted to cut rates by another quarter point, three cast dissenting votes for the first time since September 2019. The central bank's latest summary of economic projections also showed significant divisions about the outlook for rates.

Despite the mixed views, traders seem optimistic about the outlook for rates, potentially reflecting hopes for a move dovish regime under President Donald Trump's new Fed Chair choice.

Crude oil prices edged higher Wednesday after the American Petroleum Institute said U.S. crude inventories decreased much more than expected. West Texas Intermediate crude for January delivery was up $0.20 or 0.34 percent at $58.45 per barrel.