RTTNews - The Korean market opened on a high note on Tuesday on strong cues from Wall Street and is currently trading firm with stocks cutting across sectors recording sharp gains amid frenzied buying on hopes global economy will soon be back on track.
Bank, technology, automobile, steel and shipbuilding stocks are trading firm with strong gains. Oil and energy stocks are also trading higher. Telecom and airlines stocks are trading modestly higher.
The benchmark index KOSPI, which opened more than 30 points up at 1,417 this morning, is currently up by 31.12 points or 2.24% at 1,418. The index had closed with a modest loss at 1,387 on Monday.
Key bank stocks Korea Exchange Bank and Shinhan Financial are trading higher by 3.65% and 3%, respectively. Woori Finance and KB Financial are doing even better, gaining 6.5% and 5.2%, respectively on heavy buying.
Technology stock Hynix Semiconductor is up 6.4%. LG Display LCD and LG Electronics are trading stronger by 2.5% and 3.3%, respectively while heavyweight Samsung Electronics is up by close to 2%.
Among the stocks from the automobile sector, Hyundai Motor is up 3.5%, Ssangyong Motor is trading 4.6% up and Kia Motors is up 2.3%. In the shipbuilding space, Hyundai Heavy Industries is trading higher by 2%. Samsung Heavy Industries is up by over 1% while Daewoo Shipbuilding is trading with a 2.5% gain. Bulk carrier STX Pan Ocean is up 4% over its previous close.
Oil stock SK Holdings is trading up 2.7% and S-Oil is up modestly. Energy stock KEPCO is up nearly a percent. In the steel space, Hyundai Steel and POSCO are trading higher by 4% and 4.25%, respectively.
Other markets in the Asia-Pacific region are also trading firm with strong gains today. The benchmark indices of Australia, Hong Kong, Indonesia, Japan, Singapore and Taiwan are currently trading stronger by 2% - 3.5%. The Shanghai Composite index is trading 0.87% up, while New Zealand's NZX 50 is up by around half a percent.
It was a mixed close for stock markets across the Asia-Pacific region on Monday. Japan's benchmark Nikkei 225 Index fell by 2.4 percent, while Hong Kong's Hang Seng Index climbed 1.3 percent. In India, the decisive victory of the Congress Party in recent elections buoyed up stocks and lifted the key indices up by over 17 percent.
Major European markets all closed higher on the day. The French CAC 40 Index and the German DAX Index closed up 2.4 percent, while the U.K.'s FTSE 100 Index finished up by 2.2 percent.
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