The South Korea stock market on Wednesday ended the two-day winning streak in which it had advanced more than 10 points or 0.4 percent to a fresh record closing high. The KOSPI now rests just above the 2,480-point plateau although it may bounce higher again on Thursday.
The global forecast for the Asian markets is upbeat, thanks to solid earnings news and a bump in crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The KOSPI finished barely lower on Wednesday following mixed performances from the financials, technology stocks and steel producers.
For the day, the index eased 1.46 points or 0.06 percent to finish at 2,482.91 after trading between 2,475.67 and 2,490.58. Volume was 241 million shares worth 5.72 trillion won. There were 510 decliners and 289 gainers.
Among the actives, Shinhan Financial collected 0.81 percent, while Woori Bank skidded 2.01 percent, Kumho Tire added 0.34 percent, Samsung Electronics dipped 0.07 percent, SK hynix tumbled 3.11 percent, LG Electronics gathered 0.67 percent, Naver surged 6.12 percent, LG Chem spiked 2.95 percent, Hyundai Motor added 0.67 percent, Hyundai Steel plummeted 2.16 percent and POSCO gained 0.15 percent.
The lead from Wall Street continues to be positive as stocks finished higher again on Wednesday, with all three of the major averages hitting fresh record closing highs.
The Dow climbed 160.16 points or 0.70 percent to 23,157.60, while the NASDAQ inched up 0.56 points or 0.01 percent to 6,624.22 and the S&P was up 1.90 points or 0.07 percent to 2,561.26.
The spike in the Dow was largely the result of gains from IBM, which reported Q3 results that beat estimates on both the top and bottom lines.
In economic news, the Commerce Department saw a bigger than expected slump in housing starts and building permits in September. Also, the Federal Reserve's Beige Book said that economic activity increased in September through early October.
Crude oil prices inched higher Wednesday, bouncing back above $52 a barrel amid a drop in U.S. crude inventories. November WTI oil climbed 16 cents or 0.3 percent to $52.04/bbl.
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