RTTNews - Tracking Wall Street cues and the firm trend in most of the Asian markets, stock prices moved higher in the Korean market on Tuesday.
The benchmark Korean index KOSPI, which moved on to 1,438 at the bell, is currently trading at 1,429, up 13.86 points or 0.98% over its previous close. The KOSPI had ended 19.21 points or 1.38% up at 1,415 on Monday.
Automobile, shipbuilding, steel and oil stocks are trading firm. Technology stocks are also moving higher on strong buying support.
Bank stocks are up with modest gains. Airliners and telecommunications are also trading modestly higher.
In the automobile space, Kia Motors is up by 3.7%, Saangyong Motor is trading 2.5% up and Hyundai Motor is higher by 1.3%.
Among shipbuilders, Hyundai Heavy Industries and Samsung Heavy Industries are trading higher by 3.3% and 2.85%, respectively while Daewoo Shipbuilding is up by over 5.5%. Bulk carrier STX Pan Ocean is up nearly 9% over its previous close.
Technology stocks LG Electronics, LG Display LCD and Hynix Semiconductor are up by 1.5% - 2.3%. Heavyweight Samsung Electronics is up by a modest 0.5%. In the steel space, Hyundai Steel is up by 4% and POSCO is gaining 1.5%.
Bank stocks Korean Exchange Bank, Woori Finance and Shinhan Financial are up by 0.5% - 0.75%. KB Financial is trading 1.8% up.
Among other markets in the Asia-Pacific region, Australia, New Zealand, Japan, Indonesia and Taiwan are trading firm. The Hong Kong market is exhibiting some weakness with the benchmark index Hang Seng trading lower by nearly 25 points.
General Motors filed for bankruptcy but the impact of the auto giant's fall from grace did not cast a shadow on Wall Street on Monday as investors rode on promising economic figures and stayed tuned to the market.
The Dow closed up 221.11 points or 2.6 percent, at 8,721, the Nasdaq finished up by 54.35 points or 3.1 percent, at 1,829, and the S&P 500 rose 23.73 points or 2.6 percent to 943.
The stock markets across the Asia-Pacific region soared on Monday. Japan's benchmark Nikkei 225 Index rose by 1.6 percent, while China's Hang Seng climbed 3.4 percent.
Major European markets also closed considerably higher. The French CAC 40 Index and the German DAX Index finished up by 3.1 percent and 4.1 percent, respectively, while the U.K.'s FTSE 100 Index also enjoyed notable strength, closing up by 2.0 percent.
Fuelled by expectations of increased demand, crude oil prices hit a seven-month high above $68 a barrel and appear poised to test higher levels.
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