RTTNews - After opening on a highly negative note amid fresh concerns about the state of the global economy, Korean stocks have regained some lost ground on bargain hunting at lower levels.
The KOSPI, which rebounded to 1,410 after falling to 1,389 earlier in the day, is currently trading at 1,403, down 9.15 points or 0.65% from its previous close. On Monday, the KOSPI had ended 16.17 points or 1.13% down at 1,412 on concerns about global recovery and lower commodity prices.
Oil stocks are trading mixed. SK Oil is down sharply by 2% while S-Oil is trading with a modest gain. Energy stock KEPCO has lost more than a percent.
Technology stocks are trading weak. Samsung Electronics and LG Electronics are trading lower by 1.2% and 2%, respectively. LG Display LCD is trading flat, while Hynix Semiconductor is down with a 0.3% loss.
On the other hand, in the automobile space, Ssangyong Motor and Kia Motors are trading higher by 1.5% and 2%, respectively while Hyundai Motor is down in the red with a loss of 1.5%. Among steel stocks, Hyundai Steel is down by 1.1%, while POSCO is gaining 0.8% after some early weakness.
In the banking space, Woori Finance is down by about a percent. Korea Exchange Bank, Shinhan Financial Group and KB Financial are trading with modest gains.
Telecom stocks SK Telecom and KT Corp are trading stronger by 1.6% and 2.3%, respectively. Airlines and shipbuilding stocks exhibit a mixed trend.
Other stock markets in the Asia-Pacific region are also trading weak today. The benchmark indices of Australia, Hong Kong, Indonesia, Japan, New Zealand and Singapore are down by 1% - 2.25%. The Taiwan Weighted Average of the Taiwanese market is trading lower by 0.84%. The Shanghai market has bucked the trend and is trading with a modest gain.
Stock prices fell sharply on Wall Street on Monday with traders going on a profit-taking spree. A report from the New York Federal Reserve that showed conditions for New York manufacturers have deteriorated at a faster pace in the month of June than in the previous month did play a key role in prompting investors to go for the sell button.
The Dow closed down 187.12 points or 2.1 percent at 8,612, the Nasdaq closed down 42.42 points or 2.3 percent at 1,816 and the S&P 500 closed down 22.49 points or 2.4 percent at 924.
Stock markets across the Asia-Pacific region closed mostly lower on Monday, as traders cashed in on recent gains. Japan's benchmark Nikkei 225 Index fell nearly 1 percent after trending higher in recent weeks.
Major European markets also saw considerable weakness, with the U.K.'s FTSE 100 Index ending the session down 2.6 percent, while the French CAC 40 Index and the German DAX Index fell 3.2 percent and 3.5 percent, respectively.
With data on U.S. housing starts, inflation and industrial production to come out today, the mood across the globe is likely to remain cautious.
Crude oil dropped on Monday on profit taking and a stronger dollar. Light sweet crude oil fell to $70.62, down $1.42 for the session. Earlier, oil hit as low as $69.58.
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