Win Streak May Continue For South Korea Shares

(RTTNews) - The South Korea stock market has finished higher in three straight sessions, accelerating more than 215 points or 3.2 percent along the way. The KOSPI now sits just above the 6,910-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets mixed to higher with optimism from technology stocks likely capped by a spike in crude oil prices. The European markets were mixed and the U.S. markets were up and the Asian bourses figure to split the difference.

The KOSPI finished sharply higher on Thursday following gains from the financial shares, technology stocks and energy companies.

For the day, the index jumped 104.16 points or 1.53 percent to finish at 6,912.37. Volume was 265.5 million shares worth 22.5 trillion won. There were 537 decliners and 316 gainers.

The lead from Wall Street is firm as the major averages opened higher on Thursday and remained mostly in the green throughout the trading day, ending near session highs.

The Dow climbed 105.56 points or 0.20 percent to finish at 53,569.44, while the NASDAQ rallied 411.15 points or 1.57 percent to close at 26,541.35 and the S&P 500 gained 55.29 points or 0.72 percent to end at 7,730.99.

The surge by the NASDAQ reflected a positive reaction to earnings news from AI giant Nvidia (NVDA), which reported better than expected second quarter results and provided upbeat revenue guidance for the current quarter.

Dow component Salesforce (CRM) also skyrocketed after the company reported second quarter results that exceeded estimates and forecast better than expected Q3 earnings.

Traders may also have been reluctant to make more significant moves ahead of Federal Reserve Chairman Kevin Warsh's speech at the Jackson Hole economic symposium later today.

Crude oil prices soared on Thursday as the Strait of Hormuz remains closed despite efforts by Pakistan and Qatar to end the U.S.-Iran war. West Texas Intermediate crude for October delivery was up $1.35 or 1.64 percent at $83.58 per barrel.