KOSPI May Stop The Bleeding On Friday

(RTTNews) - The South Korea has finished lower in three straight sessions, plummeting more than 1,170 points or 18.2 percent in that span. The KOSPI now sits just above the 5,590-point plateau although it figures to see at least a technical rebound on Friday.

The global forecast for the Asian markets is upbeat on bargain hunting and easing oil prices. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The KOSPI finished lower again on Thursday, although not nearly as hard as in the previous two sessions; technology stocks and industrials were again the chief offenders.

For the day, the index dropped 69.68 points or 1.23 percent to finish at 5,593.56 after trading between 5,547.41 and 5,976.82. Volume was 375.17 million shares worth 37.6 trillion won. There were 606 gainers and 277 decliners.

The lead from Wall Street is firm as the major averages opened higher on Thursday and continued to track higher throughout the day, sending at session highs.

The Dow jumped 613.92 points or 1.19 percent to finish at 52,208.06, while the NASDAQ rallied 679.24 points or 2.78 percent to end at 25,122.18 and the S&P 500 climbed 121.48 points or 1.66 percent to close at 7,437.63.

Bargain hunting contributed to the strength among tech stocks after the NASDAQ plunged to a three-month closing low on Wednesday. The Dow and the S&P 500 also ended the session at their lowest closing levels in well over a month.

Microsoft (MSFT) led the tech rally on strong earnings, while semiconductors, airlines and gold stocks also lent support.

On the U.S. economic front, the Commerce Department said that consumer prices edged down in line with estimates in June, while the annual rate of growth also slowed as expected.

Crude oil prices slipped on Thursday as ongoing talks between Iran and Oman over the Strait of Hormuz management induced positivity on the resumption of the free flow of gulf oil. West Texas Intermediate crude for September delivery was down $0.65 or 0.77 percent at $83.81 per barrel.

Closer to home, South Korea will provide June figures for industrial production and retail sales later this morning. Production is expected to rise 2.9 percent on month and 1.5 percent on year after slipping 3.0 percent on month and 0.9 percent on year in May. Sales were up 0.1 percent in May.