{"id":11567,"date":"2021-07-07T23:00:12","date_gmt":"2021-07-07T23:00:12","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/07\/07\/mild-upside-called-for-south-korea-stock-market\/"},"modified":"2021-07-07T23:00:12","modified_gmt":"2021-07-07T23:00:12","slug":"mild-upside-called-for-south-korea-stock-market","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/07\/07\/mild-upside-called-for-south-korea-stock-market\/","title":{"rendered":"Mild Upside Called For South Korea Stock Market"},"content":{"rendered":"
<\/div>

\n<\/p>\n

\n

The South Korea stock market on Wednesday ended the two-day winning streak in which it had gathered almost 15 points or 0.4 percent to a record closing high. The KOSPI now sits just above the 3,285-point plateau although it’s looking at a steady start on Thursday.<\/p>\n

The global forecast for the Asian markets<\/span> is mildly positive, with stimulus optimism tempered by sinking crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.<\/p>\n

The KOSPI finished modestly lower on Wednesday following losses from the financial shares, technology<\/span> stocks and industrials.<\/p>\n

For the day, the index lost 19.87 points or 0.60 percent to finish at 3,285.34 after trading between 3,277.66 and 3,303.59. Volume was 1.1 billion shares worth 14.3 trillion won. There were 663 decliners and 202 gainers.<\/p>\n

Among the actives, Shinhan Financial tanked 1.75 percent, while KB Financial retreated 1.86 percent, Hana Financial plunged 2.11 percent, Samsung Electronics shed 0.49 percent, LG Electronics fell 2.94 percent, SK Hynix skidded 1.20 percent, Naver jumped 1.95 percent, LG Chem eased 0.11 percent, Lotte Chemical shed 1.14 percent, S-Oil plummeted 4.09 percent, SK Innovation surrendered 1.62 percent, POSCO dropped 0.88 percent, SK Telecom sank 0.79 percent, KEPCO declined 1.00 percent, Hyundai Motor tumbled 1.69 percent and Kia Motors was down 1.01 percent.<\/p>\n

The lead from Wall Street is cautiously optimistic as the major averages opened higher on Wednesday but then spent the rest of the session hugging both sides of the unchanged line before ending slightly in the green.<\/p>\n

The Dow gained 104.42 points or 0.30 percent to finish at 34,681.79, while the NASDAQ rose 1.42 points or 0.01 percent to end at 14,665.06 and the S&P 500 added 14.59 points or 0.34 percent to close at 4,358.13.<\/p>\n

The higher close on Wall Street came as the minutes of the Federal Reserve’s latest monetary policy meeting signaled the central bank will not be in a hurry to begin scaling back its asset purchase program.<\/p>\n

The minutes of the June meeting reiterated Fed Chair Jerome Powell’s view that “substantial further progress” towards the goals of maximum employment and price stability has not yet been met.<\/p>\n

The Fed has repeatedly said it plans to continue to its asset purchases at a rate of at least $120 billion per month until “substantial further progress” has been made toward its goals.<\/p>\n

Crude oil prices tumbled on Wednesday amid concerns that several leading oil producers will increase output following a disagreement over policy. West Texas Intermediate Crude oil futures for August ended down $1.17 or 1.6 percent at $72.20 a barrel. <\/p>\n<\/p>\n

Market Analysis<\/p>\n<\/div>\n