RTTNews - The Korean market opened weak on negative overnight cues from Wall Street, and despite making a couple of spirited attempts to bounce back into positive territory, is trading in the red now with key bank, oil and steel stocks struggling for support.
The benchmark index KOSPI, moving in a choppy fashion, is currently down by 8 points or 0.56% at 1,392. On Tuesday, the KOSPI had ended at 1,399, recording a loss of 13.27 points or 0.94%.
Automobile stocks are exhibiting a mixed trend. Kia Motor is up by around 5.5%, while Ssangyong Motor and Hyundai Motors are trading in the red.
In the banking space, KB Financial is down by 3%, Woori Finance and Shinhan Financial Group are trading lower by 2.3% and 1.3%, respectively, while Korea Exchange Bank is down by nearly a per cent.
Among oil stocks, S-Oil is down by 0.8%. SK Holdings is trading lower by 0.4%. Energy stock KEPCO is down with a 2% loss.
Steel makers Hyundai Steel and POSCO are trading lower by 2% and 1.6%, respectively. Airlines and telecom stocks are also seen exhibiting weakness. Among shipbuilders, Hyundai Heavy Industries and Samsung Heavy Industries are down by 1% and 0.6%, respectively while Daewoo Shipbuilding is trading lower by 1.6%. Bulk carrier STX Pan Ocean is up sharply by 2.8%.
Technology stocks are trading reasonably firm. Hynix Semiconductor is up 0.8%, while Samsung Electronics and LG Display LCD are gaining 1.3% and 1.5% respectively. LG Electronics, remains a bit subdued with a modest loss.
Among other markets in the Asia-Pacific region, Nikkei is trading higher. The Japanese index was up 39.09 points or 0.4% at 9,792 at the end of the morning session. Australia, Hong Kong, Indonesia and Singapore are trading sharply lower while Shanghai is down with a modest loss. The Taiwan market is trading firm today.
Stock markets across the Asia Pacific region had ended Tuesday's trading on the downside. Japan's benchmark Nikkei 225 Index closed down by 2.9 percent and Hong Kong's Hang Seng finished down by 1.8 percent.
U.S housing starts rose at a better than expected annual rate, but lower industrial production on the back of a sharp drop in capacity utilization triggered a fairly heavy selling on Wall Street on Tuesday.
The major averages ended the session almost near the day's lows. The Dow closed down by 107.46 points or 1.3 percent at 8,505, the Nasdaq closed down by 20.20 points or 1.1 percent at 1,796 and the S&P 500 closed down by 11.75 points or 1.3 percent at 912.
Major European markets turned in a mixed performance. While the German DAX Index and the U.K.'s FTSE 100 Index both finished just above the unchanged line, the French CAC 40 fell by 0.2 percent.
For comments and feedback: contact email@example.com