RTTNews - The Korean market is trading flat on Tuesday with investors treading a cautious path due to a lack of prominent triggers. The subdued close on Wall Street and caution ahead of key monetary policy statement from the U.S. Federal Open Market Committee and other central banks have rendered price movements somewhat sluggish today.
The Korean benchmark index KOSPI is currently up by 2.3 points or 0.15% at 1,578. On Monday, the KOSPI had ended 0.11 points or 0.01% up at 1576.
Automobile stocks Kia Motor and Hyundai Motor are trading lower by 1.5% and 1.9%, respectively while Ssangyong Motors, enjoying another nice ride up north, is up by 15%.
In the technology space, Hynix Semiconductor and LG Display LCD are up modestly, while LG Electronics is trading higher by 1.6%. Heavyweight stock Samsung Electronics is trading flat.
Among bank stocks, Woori Finance and Korea Exchange Bank are up by 2.1% and 1.3%, respectively. Shinhan Financial and KB Financial are trading around their previous closing prices.
Among steel stocks, Hyundai Steel is up 1.3%, while POSCO is trading lower by 0.7%. Oil stocks SK Holdings and S-Oil are down with modest losses. KEPCO is up by over 1%.
In the shipping space, Hyundai Heavy Industries, Samsung Heavy Industries and STX Pan Ocean are trading lower, while Daewoo Shipbuilding is up by 0.7%. Airlines stocks are trading weak, while telecommunications are edging higher.
Among other markets in the Asia-Pacific region, Australia, Hong Kong and Indonesia are currently trading flat. Shanghai and Japan are trading modestly higher while Singapore is up sharply with its key index Straits Times gaining 1.2%. Stock markets across the region had largely turned in strong performances on Monday.
On Wall Street, stocks posted modest losses on Monday, as traders cashed in on recent gains amid a lack of significant moves. The decline came ahead of some key economic reports on tap for this week, including data on retail sales, industrial production and weekly jobless claims. Further, the Federal Open Market Committee will make its interest rate announcement on Wednesday, with the key fed funds rate expected to remain unchanged amid a challenging economic environment.
The Dow closed lower by 32.12 points or 0.3% at 9,338, the Nasdaq slipped by 8.01 points or 0.4% to 1,992 and the S&P 500 drifted down by 3.38 points or 0.3% to 1,007.
Major European markets turned in a mixed performance on Monday, with the French CAC 40 index and the German DAX index closing down by 0.5% and 0.8% respectively, while the U.K.'s FTSE 100 index rose by 0.7%.
Crude oil prices finished modestly lower amid choppy trading on Monday, but held above the US$70 per barrel mark. Traders expressed some uncertainty ahead of the Federal Reserve's interest rate decision later this week. Light sweet crude for September moved to US$70.60 a barrel, down 33 cents for the day. Prices touched as low as US$70.09 and as high as US$71.57 earlier in the day.
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