RTTNews - Not much buying is happening in the Korean stock market on Tuesday, with investors refraining from going for fresh exposure due to a lack of cues. Instead, they are seen pressing some sales in automobile, oil, bank stocks this morning with worries over the impact of North Korea's nuclear test weighing in to an extent.
The U.S. and London markets were closed yesterday on national holidays and there are no visible cues from the domestic front as well.
The Korean benchmark index KOSPI is currently trading at 1,387, down 14.09 points or 1.01% from its previous close. Earlier, after moving on to 1,409 in opening trade, the index had drifted down to 1,377.
Among key automobile issues, Kia Motors is down by over 3%. Ssangyong Motor is trading lower by 3.6% while Hyundai Motor is down with a loss of 1.3%.
In the technology space, Hynix Semiconductor is down by 2.7%, LG Electronics is trading 2.3% down and Samsung Electronics is down with a modest loss. However, bucking the trend, LG Display LCD is trading firm with a 2% gain.
Bank stocks Korea Exchange Bank, Shinhan Financial, KB Financial and Woori Finance are currently trading lower by 1.7% - 3.2%. Among steel makers POSCO is down 1.5% while Hyundai Steel is trading in positive territory with a 0.7% gain.
Oil stocks SK Holdings and S-Oil are down by 3% and 1.35%, respectively. Energy stock KEPCO is down with a 2.5% loss. Airliners Korean Airlinse and Asiana Airlines are also trading lower. Telecom stocks are exhibiting weakness as well.
In the shipbuilding space, Hyundai Heavy Industries is trading 1.1% down. Samsung Heavy Industries is up 2.7% while Daewoo Shipbuilding is trading with a modest loss. STX Pan Ocean, the bulk carrier, is up sharply by 4.35%.
On Monday, the South Korean stock market had suffered a severe setback as stock prices crashed after news broke out about North Korea's nuclear test but rebounded fairly sharply to limit its losses to modest levels. The benchmark KOSPI ended lower by just 0.3%.
Among other markets in the Asia-Pacific region, Australia, New Zealand, Hong Kong and Indonesia have recovered after early weakness. The Taiwan market has pared some gains and is trading modestly higher now. The Japanese market slipped after a positive start and the Nikkei was down with a notable loss at the end of the morning session.
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