Additional Support Tipped For South Korea Shares

The South Korea stock market on Friday ended the two-day slide in which it had given away almost 50 points or 2.5 percent. The KOSPI now rests just above the 2,010-point plateau and it may add to its winnings on Monday.

The global forecast for the Asian markets is upbeat following solid U.S. employment data and an encouraging outlook for interest rates. The European and U.S. markets were sharply higher on Friday and the Asian bourses are expected to open in similar fashion.

The KOSPI finished modestly higher on Friday as gains from the oil companies and automobile producers were capped by weakness from the financials and a mixed picture from the technology stocks.

For the day, the index advanced 16.55 points or 0.83 percent to finish at 2,010.25 after trading between 1,984.53 and 2,011.56. Volume was 403.3 million shares worth 5.4 billion won. There were 461 gainers and 370 decliners.

Among the actives, S-Oil jumped 1.76 percent, while SK Innovation gained 1.50 percent, Shinhan Financial dipped 0.26 percent, KB Financial tumbled 1.74 percent, Samsung Electronics shed 0.40 percent, LG Display perked 2.25 percent, LG Electronics skidded 1.11 percent, SK Hynix climbed 1.04 percent, SK Telecom gathered 1.45 percent, Hyundai Motor spiked 2.58 percent, Kia Motors surged 6.09 percent, POSCO advanced 0.84 percent, KEPCO slid 1.44 percent and Lotte Chemical plunged 4.11 percent.

The lead from Wall Street is broadly positive as stocks surged to the upside on Friday, more than offsetting the sharp pullback a day earlier.

The Dow surged 746.94 points or 3.29 percent to 23,433.16, while the NASDAQ soared 275.35 points or 4.26 percent to 6,738.86 and the S&P jumped 84.05 points or 3.43 percent to 2,531.94. For the week, the Dow added 1.6 percent, the NASDAQ gained 2.3 percent and the S&P climbed 1.9 percent.

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