The Korean stock market rebounded after a setback this morning but has drifted down into negative territory again with participants resorting to some heavy selling in a few front line stocks.
The KOSPI Composite index, which rebounded to 1334 after an early setback, is down 16.48 points at 1313 now.
Markets elsewhere in the Asia-Pacific region are also seen trending lower, as investors appear to have turned extremely cautious ahead of key earnings results.
The Korean currency Won is trading at 1344.85 against the U.S. dollar now.
Index heavyweight Samsung Electronics is down about 2%, while most other technology stocks are also lower. Steel maker Posco is receding about 2.50%. Automobile stocks are seeing mixed sentiment. Financial stocks Woori Finance and Shinhan Group are trading higher.
Wall Street was positive on Friday following General Electric and Citigroup reporting fairly encouraging quarterly earnings. With a slew of conglomerates scheduled to report during the course of this week, the mood is likely to remain cautious for a better part of the week.
On the economic front, the Reuters/University of Michigan's consumer sentiment index for April rose to 61.9, a substantial increase from the previous reading. Analysts had expected the index to rise to 58.5 from 57.3 in March.
Citigroup reported a loss of $0.18 per share as against expectations of a loss of $0.34 a share. Last year, the financial powerhouse had reported a loss of $1.03 per share.
Wall Street will be busy assessing report cards this week, as the season springs forward. IBM, Coca-Cola, Yahoo, Apple, Microsoft are among the conglomerates scheduled to report during the course of this week. Armonk, New York-based technology giant International Business Machines Corp. is set to report first quarter results on April 20.
Bank of America, Boston Scientific Corp., Eli Lilly & Co, Texas Instruments Inc., Halliburton Co and Weatherford International Limited are among the other big ones scheduled to announce their quarterly results today.
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