(RTTNews) - The South Korean market was trading higher on Friday, but off opening highs. The market opened higher on the back of Wall Street’s rally overnight and a drop in oil prices. At 8:55 p.m. ET, the benchmark Korea Composite Stock Price Index or KOSPI was up 2.34 points or 0.16% at 1,476.49 after losing 1.32% on Thursday.

In the currency market, the U.S. dollar opened up at 1,083.0 won compared to Thursday’s close of 1,081.8 won.

The U.S. market rallied Thursday following a better-than-expected preliminary reading on economic growth and a drop in jobless claims. The Dow jumped 1.9% to finish at 11,715, the Nasdaq gained 1.2% to end at 2,411 and the broader S&P 500 advanced 1.5% to close at 1,300.

Crude oil prices fell on Thursday on profit taking following gains in the past three sessions and a report that the International Energy Agency and the U.S. government were ready to release oil from emergency reserves if Tropical Storm Gustav disrupted U.S. oil production. Crude for October delivery closed at $115.59 a barrel on the New York Mercantile Exchange, down $2.56. In the Asian session Friday, oil was up 54 cents at $116.13 a barrel by 8:38 p.m. ET.

On the economic front, the central bank said that South Korea’s current account swung to a deficit in July on higher oil prices and increased spending on overseas travel. The current account shortfall touched US$2.45 billion in July compared to a $1.82 billion surplus in the previous month, the Bank of Korea said in a report. During the first seven months of the year, the country posted a cumulative current account deficit of $7.8 billion, up from a shortfall of $75.5 million a year ago.

In the tech space, Hynix Semiconductors rose 1.3%, but market heavyweight Samsung Electronics declined 0.6%, LG Display slipped 0.2% and LG Electronics was unchanged.

Automaker Hyundai Motor advanced 0.7% and steelmaker POSCO gained 1.7%. Airlines were higher following a drop in oil prices. Korean Air Lines jumped 3.9% and Asiana Airlines climbed 0.7%.

In the financial sector, top lender KookMin Bank rose 0.5%, Shinhan Financial Group climbed 1.2%, and Woori Finance jumped 2.1%. Top brokerage Samsung Securities gained 2.4% and Mirae Asset Securities surged 4.3%.

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Posted in Categories: Economy, Releases, USA.

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