RTTNews - After trading firm for well over a couple of hours, the Korean benchmark index KOSPI slipped into the red as stocks faced resistance at higher levels. However, on selective buying in oil, banking and technology stocks, the benchmark has edged up and is currently trading with a small gain.
The KOSPI, which rose to 1,410 this morning and dropped down to around 1,393 a little while ago, is currently up 2 points at 1,395. The index had finished lower on Monday due largely to profit taking in the shipbuilding space.
Among bank stocks Woori Finance is gaining 3% while Shinhan Financial and KB Financial are up by 1.4% and 1.2%, respectively. However, Korea Exchange Bank is trading in the red with a 2% loss.
Technology stocks Samsung Electronics, LG Display LCD and LG Electronics are trading higher. Hynix Semiconductor is down in the red with a loss of 3.3%.
Oil stocks SK Holdings and S-Oil are up 1.8% and 1.5%, respectively. Energy stock KEPCO is also trading higher. In the automobile space, Kia Motors and Hyundai Motors are up with modest gains while Ssangyong Motor is down by nearly a percent.
Telecom issues SK Telecom and KT Corp. are up with notable gains. Steel, airlines and shipbuilding stocks are mostly trading lower.
Among other markets in the Asia-Pacific region, Australia has drifted lower after trading in positive territory. Markets in Singapore, Hong Kong and Indonesia are trading firm with their key indices gaining 0.3% - 1.2%. The New Zealand and Japanese markets are trading modestly lower while the Taiwan market is down sharply in the red.
On Wall Street, stocks finished Monday's session little changed despite some spirited buying in the final hour on hopes of a near-term economic recovery.
The Federal Reserve continued its treasury buyback program, completing the first of two quantitative easing moves for the week. The New York Fed purchased $7.50 billion worth of securities with maturity dates ranging from December of 2013 to April of 2016.
Meanwhile, President Barack Obama is ramping up the economic stimulus spending, pledging to create over 600,000 jobs this summer. Obama made the announcement Monday morning, stating that he will accelerate the implementation of the $787 billion stimulus in the next 100 days.
The Dow finished up by 1.36 points 8,765, while the Nasdaq dipped by 7.02 points to 1842, and the S&P 500 fell 0.95 points to 939.
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