(RTTNews) – The South Korea stock market has moved higher in two straight sessions, improving more than 80 points or 3.1 percent along the way. The KOSPI now rests just above the 2,720-point plateau and it may tick higher again on Friday.
The global forecast for the Asian markets is mixed, with tariff concerns continuing to linger. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.
The KOSPI finished sharply higher on Thursday following gains from the financial shares, technology stocks and automobile producers.
For the day, the index jumped 50.49 points or 1.89 percent to finish at 2,720.64. Volume was 444.45 million shares Early buying interest was generated in reaction to news that a federal court blocked President Donald Trump’s reciprocal tariffs on imports from U.S. trade partners from going into effect.
But the Trump administration immediately appealed the decision, and an appeals court temporarily paused the lower court’s ruling later in the day.
A positive reaction to earnings news from Nvidia (NVDA) also contributed to initial strength on Wall Street after the company reported fiscal first quarter results that exceeded analyst estimates on both the top and bottom lines.
Crude oil futures moved sharply lower Thursday amid lingering supply concerns amid the possibility OPEC may accelerate oil production hikes in July. West Texas Intermediate crude for July delivery tumbled $0.90 or 1.5 percent to $60.94 a barrel.
Closer to home, South Korea will release April numbers for industrial production and retail sales later this morning. Output is expected to add 0.5 percent on month and 4.2 percent on year after rising 2.9 percent on month and 5.3 percent on year in March. Sales are called flat after shedding 0.3 percent in the previous month.