RTTNews - The South Korean market is trading modestly higher on Wednesday, with investors indulging in selective buying on hopes of a global economic revival. Technology and shipbuilding stocks are trading higher, while bank stocks are trading mixed.
The benchmark KOSPI index is currently up by 6 points, or 0.38%, at 1,607.4. The index had ended at 1,601 on Tuesday, recording a loss of 10.84 points, or 0.76%, amid high volatility.
Automobile stocks Kia Motor and Hyundai Motor are currently trading lower by 1.8% and 2.3% respectively. However, Ssangyong Motors is trading in positive territory with a gain of 1.7%.
In the technology space, LG Display LCD is up by 3.5%, Hynix Semiconductor is trading 1.5% up and heavyweight Samsung Electronics is up modestly. LG Electronics is trading weak.
Among oil stocks, SK Holdings is up by 2.9% and S-Oil is trading with a modest 0.7% gain. KEPCO is down by about a percent. Steel stocks Hyundai Steel and POSCO are up with modest gains.
Among bank stocks, Woori Finance and KB Financial are trading modestly higher, while Korea Exchange Bank and Shinhan Financial are trading lower.
In the shipbuilding space, Samsung Heavy Industries is up by 2.4%, Daewoo Shipbuilding is trading higher by about 2% and Hyundai Heavy Industries is up by 1%. Bulk carrier STX Pan Ocean is trading 1.4% up over its previous close.
Telecommunications and airlines stocks are also trading firm.
Among other markets in the Asia-Pacific region, Australia, Shanghai, Japan, New Zealand and Hong Kong are trading higher. Taiwan is down sharply, while Indonesia and Singapore are down with modest losses. Stock markets across the region had closed mostly lower on Tuesday.
On Wall Street, stocks finished modestly higher on Tuesday as the day's positive economic reports and news of Ben Bernanke's reappointment generated some upbeat sentiment. Buying interest was largely sparked by the day's economic data, with a report from the Conference Board showing that consumer confidence rebounded significantly in the month of August after seeing some deterioration in July.
The Dow closed up 30.01 points, or 0.3%, at 9,539.29, the Nasdaq closed up 6.25 points, or 0.3%, at 2,024.23 and the S&P 500 closed up 2.43 points, or 0.2%, at 1,028.00.
Major European markets ended moderately higher on Tuesday, with the German DAX index and the French CAC 40 index closing up 0.8% and 0.6%, respectively, while the U.K.'s FTSE 100 index climbed 0.4%.
Oil prices turned sharply lower on Tuesday as profit-takers collected on a rally to a 10-month high to US$75 per barrel. Light sweet crude for October delivery dropped to US$72.05, losing US$2.32 on the session. Earlier, oil hit US$75 for the first time since October.
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