RTTNews - The Korean stock market is exhibiting a mixed trend on Wednesday with investors making cautious moves ahead of release of earnings reports. With the market having run up sharply over the past couple of weeks, a section of investors are seen engaged in some profit taking.
The Korean benchmark index KOSPI, which shrugged off a negative start and rose to 1,530 in mid morning trading, is currently up by 1.8 points or 0.08% at 1,528.
On Tuesday, the KOSPI had ended in positive territory with a marginal gain of 1.98 points or 0.13% at 1,526.
Among automobile stocks, Ssangyong Motors is down by 3.4%, while Kia Motor and Hyundai Motor are trading higher by 07% and 1.4%, respectively.
In the technology space, Hynix Semiconductor is up by about 2% and heavyweight Samsung Electronics is trading with a modest 0.3% gain. LD Display LCD and LG Electronics are down by 1.8% and 0.4%, respectively.
Oil stocks SK Holdings and S-Oil are trading modestly higher, while energy stock KEPCO is trading flat. Among steel majors, Hyundai Steel is up by as much as 5%. POSCO is down by 1.2%.
Bank stocks are trading firm. Korea Exchange Bank is gaining 3.7%, Woori Finance is trading 1.1% up and Shinhan Financial is up by 1.6%. KB Financial is trading with a modest gain.
Among shipbuilders, Samsung Heavy Industries is up by 1.3%, while Hyundai Heavy Industries and Daewoo Shipbuilding are trading lower by 2.3% and 0.7%, respectively. STX Pan Ocean is up nearly a percent. Airlines and telecom stocks are exhibiting a mixed trend.
Among other markets in the Asia-Pacific region, Hong Kong and New Zealand are trading notably lower. Australia, Taiwan and Indonesia are trading flat while Singapore and Japan are up with modest gains. Stock markets across the region finished largely on the upside on Tuesday.
Wall Street ended Tuesday's session on a mixed note in reaction to the day's varied earnings and economic reports. The major averages closed on opposite sides of the unchanged mark, with the tech-heavy Nasdaq posting a modest gain.
On the economic front, according to a release from the Consumer Conference Board, the consumer confidence index fell to 46.6 in July, reflecting less favorable assessments of both current conditions and the near-term outlook. Earlier, Standard and Poor's released a separate report showing that although U.S. home prices continued to decline at a significant annual rate in the month of May, the pace of decline in prices slowed for the fourth consecutive month.
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