The South Korea stock market jumped emphatically higher again on Friday, one session after it had snapped the two-day winning streak in which it had gathered almost 35 points or 1.7 percent. The KOSPI now rests just shy of the 2,100-point plateau although investors are likely to cash in on Monday.
The global forecast for the Asian markets is soft, with technology stocks expected to weigh amid profit taking and concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were down and the Asian markets are tipped to follow the latter lead.
The KOSPI finished sharply higher on Friday following gains from the financial shares, technology stocks and industrial issues.
For the day, the index surged 71.54 points or 3.53 percent to finish at 2,096.00 after trading between 2,044.94 and 2,096.63. Volume was 364 million shares worth 6.635 trillion won. There were 822 gainers and 64 decliners.
Among the actives, Shinhan Financial perked 2.02 percent, while KB Financial collected 2.72 percent, Samsung Electronics spiked 4.74 percent, LG Electronics jumped 1.82 percent, SK hynix surged 6.30 percent, SK Telecom dropped 1.53 percent, KEPCO fell 1.12 percent, POSCO soared 6.00 percent, Kia Motors perked 2.96 percent and Hyundai Motor climbed 1.38 percent.
The lead from Wall Street is soft as stocks shrugged off a positive open, moving lower as the day progressed and ending in the red.
The Dow fell 109.91 points or 0.43 percent to 25,270.83, while the NASDAQ slumped 77.06 points or 1.04 percent to 7,356.99 and the S&P slid 17.31 points or 0.63 percent to 2,723.06. For the week, the NASDAQ surged 2.6 percent, and the Dow and the S&P both jumped 2.4 percent.
The downturn on Wall Street was led by Apple (AAPL) after the company reported fiscal fourth quarter earnings