RTTNews - After an initial fall, the Korean market has regained some lost ground on fairly strong buying in some shipbuilding, steel and telecom stocks. Technology and automobile stocks are exhibiting a mixed trend.
The KOSPI, which dropped down to 1,511 after opening near the unchanged line this morning, is currently down with a loss of 3.3 points or 0.22% at 1,521. The benchmark index had ended with a loss of 1.71 points or 0.1% at 1,524 on Wednesday.
Technology stocks are seeing some profit taking today. Hynix Semiconductor, LG Display LCD and LG Electronics are trading lower by 1.5% - 2%, while market heavyweight Samsung Electronics is trading modestly higher.
In the automobile space, Ssangyong Motor is up by as much as 15%. Kia Motor and Hyundai Motor have drifted lower and are currently trading down by 2.5% and 0.4% respectively.
Among steel stocks, POSCO is up by about 2% and Hyundai Steel is trading with a modest gain. Oil and energy stocks are trading flat.
In the banking space, Shinhan Financial and KB Financial are up by 1.3% and 0.5%, respectively, while Korea Exchange Bank and Woori Finance are trading in the red with modest losses.
Shares of shipbuilders Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding are up by 1.7% - 3%. Bulk carrier STX Pan Ocean is down with a sharp 2.8% loss.
Airlines are trading weak. Telecom stocks SK Telecom and KT Corp. are gaining 2% and 1.5%, respectively.
Among other markets in the Asia-Pacific region, Australia, Shanghai, Hong Kong and Indonesia are trading notably higher. The New Zealand and Singapore markets are up modestly. Taiwan has recovered some lost ground but is still trading in the red. In Tokyo, the Nikkei gave up early gains and was trading flat at the end of the morning session. Stock markets across the region had finished largely on the downside on Wednesday.
On Wall Street, stocks bounced around in negative territory throughout Wednesday's session in reaction to the day's slew of earnings and economic reports. On the economic front, the Commerce Department released a report showing that orders for transportation equipment declined sharply in June, contributing to a substantial decline in orders for manufactured durable goods.
Notwithstanding a late attempt at rebounding into positive territory, the Dow ended down 26 points or 0.3% at 9,071 and the Nasdaq closed lower by 7.75 points or 0.4% at 1,968. The S&P 500 declined by 4.47 points or 0.5% to 975.
Major European markets closed notably higher, with the German DAX index and the French CAC 40 index finishing up by 1.9% and 1%, respectively, while the U.K.'s FTSE 100 index edged up by 0.4%.
Crude oil dropped sharply on Wednesday after Energy Information Administration data revealed a sharp rise in weekly inventories. Oil closed at a 12-day low after reaching a three-week high earlier in the week.
Light sweet crude for September delivery dropped to US$62.85 per barrel on the New York Mercantile Exchange on Wednesday, down US$4.38 on the session. Prices dipped as low as US$62.70 earlier in the session after coming within a penny of US$69 on Tuesday.
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