Overbought KOSPI Called Higher Again On Thursday.

(RTTNews) - The South Korea stock market has finished sharply higher in back-to-back sessions, skyrocketing almost 800 points or 11 percent in that span. Now at a fresh record closing high, the KOSPI sits just above the 7,380-point and it's got a positive lead again for Thursday's trade.

The global forecast for the Asian markets is positive on hopes for an end to hostilities in the Middle East. The European and U.S. markets were sharply higher and the Asian bourses are expected to follow that lead.

The KOSPI finished sharply higher on Wednesday following huge gains from the technology stocks and more modest gains from the industrials, while the chemicals were soft and the financials were mixed.

For the day, the index surged 447.57 points or 6.45 percent to finish at 7,384.56 after trading between 7,093.01 and 7,426.60. Volume was 984.4 million shares worth 58.2 trillion won. There were 677 decliners and 199 gainers.

Among the actives, Shinhan Financial sank 0.71 percent, while KB Financial collected 0.70 percent, Hana Financial dropped 0.87 percent, Samsung Electronics skyrocketed 14.41 percent, Samsung SDI skidded 0.99 percent, LG Electronics soared 8.17 percent, SK Hynix surged 10.64 percent, Naver shed 0.48 percent, LG Chem slumped 1.28 percent, Lotte Chemical plunged 5.08 percent, SK Innovation added 0.69 percent, POSCO Holdings improved 0.80 percent, SK Telecom tumbled 1.95 percent, KEPCO expanded 1.24 percent, Hyundai Mobis rose 0.23 percent, Hyundai Motor accelerated 2.04 percent and Kia Motors gained 0.39 percent.

The lead from Wall Street is strong as the major averages opened higher on Wednesday and continued to pick up steam as the day progressed, ending at session highs.

The Dow spiked 612.34 points or 1.24 percent to finish at 49,910.59, while the NASDAQ rallied 512.82 points or 2.02 percent to end at 25,838.94 and the S&P 500 jumped 105.90 points or 1.46 percent to close at 7,365.12.

The rally on Wall Street came amid optimism about an end to the conflict in the Middle East after reports said the White House believes it's getting close to an agreement with Iran on a one-page memorandum of understanding.

Adding to the optimism about a peace deal, President Donald Trump said the U.S. would pause its efforts to escort ships through the Strait of Hormuz to see whether or not the agreement can be finalized and signed.

On the U.S. economic front, payroll processor ADP released a report showing private sector employment in the U.S. jumped more than expected in April.

Crude oil prices went into freefall after Trump indicated the U.S. and Iran may reach a deal soon. West Texas Intermediate crude for June delivery was down $7.83 or 7.66 percent at $94.44 per barrel.