Shutterstock photo(RTTNews.com) - The South Korea stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day winning streak in which it had picked up almost 10 points or 0.4 percent. The KOSPI now rests just above the 2,480-point plateau and it's expected to open higher again on Monday.
The global forecast for the Asian markets is upbeat on optimism for U.S. tax reform, plus a bump in crude oil prices. The European markets were mixed and the U.S. bourses were higher, and the Asian markets figure to follow the latter lead.
The KOSPI finished modestly higher on Friday following gains from the financial shares and industrial issues, while the technology stocks came in mixed.
Among the actives, Shinhan Financial collected 0.91 percent, while Woori Bank climbed 1.56 percent, Hyundai Motor spiked 2.33 percent, Kia Motors gathered 2.31 percent, POSCO gained 0.91 percent, Hyundai Steel advanced 1.01 percent, LG Electronics surged 3.94 percent, Samsung Electronics shed 0.86 percent, SK hynix lost 0.39 percent, Hyundai Heavy soared 1.89 percent and S-Oil jumped 2.07 percent.
The lead from Wall Street is positive as stocks moved higher on Friday lifting all three of the major averages to new record closing highs.
The Dow rose 143.08 points or 0.58 percent to 24,651.74, the NASDAQ spiked 80.06 points or 1.17 percent to 6,936.58 and the S&P 500 climbed 23.80 points or 0.90 percent to 2,675.81. For the week, the Dow surged 1.3 percent, the NASDAQ jumped 1.4 percent and the S&P added 0.9 percent.
The strength on Wall Street came as traders expressed optimism about the likelihood of Republican lawmakers to pass their tax reform legislation.
In economic news, the Federal Reserve Bank of New York said growth in New York manufacturing activity slowed more than anticipated in December. A separate report from the Federal Reserve showed a smaller than expected increase in industrial production in November.
Crude oil futures rose Friday, trimming modest weekly losses after a warning on the global oil glut. January WTI oil gained 26 cents or 0.5 percent for the day to $57.30/bbl. Prices fell 0.1 percent for the week.
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