Additional Support Anticipated For South Korea Shares

On Friday, the South Korean stock market broke a five-day losing streak, during which it had fallen almost 50 points or 2 percent. The KOSPI index is now positioned slightly above the 2,440 mark, and there's potential for further gains come Monday.

Globally, the forecast for Asian markets appears favorable, particularly buoyed by anticipated support from technology and oil stocks. While European markets experienced a decline, U.S. stock exchanges saw an upward trend, suggesting that Asian markets might follow the U.S. lead.

In Friday's session, the KOSPI closed significantly higher, thanks to strong performances from financial, technology, and chemical sectors.

Specifically, the index surged by 42.98 points, or 1.79 percent, concluding at 2,441.92 after fluctuating between 2,402.58 and 2,454.67. Trading volume reached 403.4 million shares, valued at 8.16 trillion won, with 686 stocks advancing and 206 declining.

Notable performers included Shinhan Financial, which increased by 0.94 percent, and KB Financial, which rose by 0.48 percent. Hana Financial went up by 0.35 percent, while Samsung Electronics saw a jump of 1.87 percent. Samsung SDI gained 3.13 percent, LG Electronics added 1.31 percent, and SK Hynix surged 6.25 percent. Naver rose by 3.46 percent, LG Chem climbed 4.54 percent, and Lotte Chemical advanced 3.63 percent. SK Innovation increased by 7.21 percent, POSCO Holdings improved by 3.60 percent, and SK Telecom rose 1.07 percent. KEPCO gained 2.25 percent, while Hyundai Mobis dipped 1.00 percent. Hyundai Motor grew by 0.71 percent, and Kia Motors fell 0.89 percent.

Wall Street also provided an optimistic lead, as major indices opened higher on Friday and maintained their momentum, closing near the day's highs.

The Dow Jones Industrial Average rose by 339.83 points, or 0.80 percent, finishing at 42,732.13. The NASDAQ gained 340.88 points or 1.77 percent, ending at 19,621.68, and the S&P 500 increased 73.92 points, or 1.26 percent, to close at 5,942.47.

Over the holiday-affected week, the Dow decreased by 0.6 percent, while the NASDAQ and S&P 500 each declined by 0.5 percent.

The strength in U.S. markets was attributed to traders seizing the opportunity to purchase stocks at comparatively lower prices after recent weaknesses. Some traders were still absent from trading floors following the New Year's Day holiday.

In other U.S. economic developments, the Institute for Supply Management reported that manufacturing activity in December contracted at a slower pace.

Oil prices climbed on Friday, driven by optimism regarding demand, due to recent data indicating a reduction in U.S. crude inventories. West Texas Intermediate crude oil futures for February rose by $0.83, or 1.13 percent, closing at $73.96 a barrel.

The material has been provided by InstaForex Company - www.instaforex.com
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