The South Korea stock market has climbed higher in back-to-back sessions, rallying more than 420 points or 8 percent in that span. Now at a fresh record closing high, the KOSPI sits just above the 5,370-point plateau although investors may book profits on Thursday.
The global forecast for the Asian markets is unclear, with technology stocks likely under pressure while oil, pharmaceutical and housing stocks offering support. The European and U.S. markets were mixed to lower and the Asian bourses figure to follow that lead.
The KOSPI finished sharply higher again on Wednesday following gains from the financial shares, technology stocks, chemicals and automobile producers.
For the day, the index jumped 83.02 points or 1.57 percent to finish at 5,371.10 after trading between 5,243.11 and 5,376.92. Volume was 781 million shares worth 30.1 trillion won. There were 747 gainers and 156 decliners.
Among the actives, Shinhan Financial spiked 2.61 percent, while KB Financial collected 2.38 percent, Hana Financial vaulted 2.09 percent, Samsung Electronics advanced 0.96 percent, Samsung SDI rallied 4.54 percent, LG Electronics expanded 2.49 percent, SK Hynix sank 0.77 percent, Naver slumped 1.67 percent, LG Chem accelerated 3.75 percent, Lotte Chemical soared 5.69 percent, SK Innovation jumped 2.92 percent, POSCO Holdings strengthened 1.82 percent, SK Telecom surged 5.84 percent, KEPCO gained 5.38 percent, Hyundai Mobis added 0.90 percent, Hyundai Motor gained 2.54 percent and Kia Motors improved 1.82 percent.
The lead from Wall Street is murky as the major averages opened mixed but quickly diverged, finally finishing the session on opposite sides of the unchanged line.
The Dow rallied 260.31 points or 0.53 percent to finish at 49,501, while the NASDAQ tumbled 350.61 points or 1.51 percent to end at 22,904.58 and the S&P 500 sank 35.09 points or 0.51 percent to close at 6,882.72.
The advance by the Dow was fueled by stocks like Amgen (AMGN), 3M (MMM) and Nike (NKE), which saw better than expected quarterly results.
Meanwhile, traders continued to rotate out of the tech sector, dragging the NASDAQ lower as semiconductor stocks showed a substantial move to the downside.
In U.S. economic news, payroll processor ADP said private sector employment in the U.S. increased by much less than expected in January. Also, the Institute for Supply Management said its reading on U.S. service sector activity came in unchanged last month.
Crude oil prices surged on Wednesday after the U.S. Energy Information Administration said inventories in the U.S. fell far more than expected. West Texas Intermediate crude for March delivery was up $1.97 or 3.12 percent at $65.18 per barrel.
Market Analysis
Rally May Stall For South Korea Stock Market
2026-02-04 23:01:36
