The South Korea stock market has finished higher now in five straight sessions, gathering almost 55 points or 2.4 percent on its way to yet another fresh record closing high. The KOSPI now rests just above the 2,3140point plateau and it is tipped to open higher again on Friday.
The global forecast for the Asian markets continues to call for slim gains, with optimism over earnings news capped by a sharp drop in crude oil prices. The European markets were flat and the U.S. markets were slightly higher, and the Asian bourses figure to split the difference.
The KOSPI finished sharply higher on Thursday following gains from the financial shares and technology stocks.
For the day, the index climbed 25.59 points or 1.10 percent to finish at 2,342.93 after trading between 2,321.26 and 2,343.72. Volume was 365.86 million shares worth 6.02 trillion won. There were 549 gainers and 274 decliners.
Among the actives, Shinhan Financial collected 0.20 percent, while Woori Bank climbed 0.98 percent, Samsung Electronics jumped 1.78 percent, POSCO spiked 2.68 percent, SK hynix was unchanged, S-Oil skidded 0.96 percent, Samsung Life Insurance soared 2.47 percent, Hyundai Motor gained 0.61 percent and Kia Motors shed 0.13 percent.
The lead from Wall Street suggests mild upside as stocks moved slightly higher on Thursday, extending their recent winning streak to six sessions.
The Dow rose 70.53 points or 0.3 percent to 21,082.95, while the NASDAQ advanced 42.23 points or 0.7 percent to 6,205.26 and the S&P added 10.68 points or 0.4 percent to 2,415.07.
The gains followed upbeat earnings news from big-name retailers, which helped offset recent concerns about consumer spending. Best Buy (BBY) and Sears (SHLD) were the big winners.
In economic news, the Labor Department saw a slight uptick in first-time claims for jobless benefits in the week ended May 20th.
Crude oil futures plunged Thursday, despite news that OPEC will extend its supply quota plan. June WTI oil settled at $48.90/bbl, down $2.46 or 4.8 percent.
Closer to home, the Bank of Korea said this morning that consumer sentiment surged in May with an index score of 108.0 - up from 101.2 in April.
Sentiment regarding current living standards and their future outlook were two and five points higher respectively than in the month before, at 92 and 103.
The expectation for inflation over the following year was 2.5.
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