RTTNews - The Korean market has bounced back after an early fall but is still seen struggling to make a significant headway into positive territory with participants not evincing any keen interest in building up positions.
With doubts about a quick economic revival surfacing again following mixed reports from the U.S., Europe and other regions, markets across the globe have been finding it increasingly tough to hold at higher levels over the past few sessions.
The Korean benchmark index KOSPI, which had slipped to 1,378 earlier in the day, is currently trading at 1,393, up by around a couple of points over its previous close. The KOSPI had ended lower by 7.98 points or 0.57 percent at 1,391 on Wednesday.
Among automobile stocks, Kia Motors and Ssangyong Motor are trading higher by 2% and 1.5%, respectively while Hyundai Motor is trading with a modest gain.
Bank stocks are also trading reasonably firm. Woori Finance is up by 2%, while KB Financial and Shinhan Financial are trading with modest gains. Korea Exchange Bank, however, is down in the red with a modest loss.
In the technology space, LG Electronics is up 1.6%, while Hynix Semiconductor and LG Display LCD are trading higher by 0.4% and 0.5%, respectively. Samsung Electronics is down with a modest loss.
On the other hand, oil and telecom stocks are trading weak. In the steel space, Hyundai Steel is trading modestly higher while POSCO is down sharply by 2.2%.
Shipbuilding stocks are trading in positive territory while airlines display a mixed trend.
Among other markets in the Asia-Pacific region, Japan is down sharply with its benchmark index Nikkei trading lower by as much as 1.8%. The Hang Seng index of the Hong Kong market is down by over 1%. Australia, Indonesia and Singapore are trading modestly lower, while the New Zealand, Taiwan and Shanghai markets are trading in positive territory.
After a choppy ride, amid mixed sentiment with regard to the near-term prospects of the economy and the proposed financial system reforms from the Obama administration, the major indices closed flat on Wall Street on Wednesday. The data on consumer prices showed a modest increase in the month of May, but the rise was less than what the economists had expected.
Unable to hold on to their earlier gains, the Dow slipped 7.49 points to 8,947 and the S&P 500 dropped by 1.26 points to 911. The Nasdaq, however, ended higher by 11.88 points at 1,808.
Major European markets all closed firmly in the red, with the French CAC 40 Index and the German DAX Index falling by 1.6 percent and 1.9 percent, respectively. The U.K.'s FTSE 100 Index also finished notably lower, dropping by 1.2 percent.
Oil prices finished a choppy session modestly higher on Wednesday in U.S. trading as investors mulled the Energy Information Administration inventories report. Oil gained strength in the afternoon as the dollar gave back some early gains. Light sweet crude ended the day at US$71.03, up 56 cents.
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