RTTNews - The Korean market is exhibiting a mixed trend on Wednesday with investors not showing any great interest in picking up stocks due to lack of triggers. Instead, they are seen pressing sales at minor rallies, rendering movements somewhat choppy this morning.
The benchmark index KOSPI, which edged up to 1,435 after opening at 1,428, is currently trading at 1,429, up 0.48 points over its previous close.
Automobile stock Kia Motor is trading 1.85% down. Hyundai Motor and Ssangyong Motor are trading higher by 1.2% and 0.3%, respectively. Among shipbuilders, Hyundai Heavy Industries is up 1.1%. On the other hand, Samsung Heavy Industries and Daewoo Shipbuilding are trading weak. Shares of bulk carrier STX Pan Ocean are down by 2.7%.
Technology stocks are trading mixed, with Hynix Semiconductor and LG Display LCD recording losses and LG Electronics, while Samsung Electronics edging higher modestly. Airlines, oil and steel stocks are also exhibiting a mixed trend. Telecom issues are trading lower.
Among banks, Korea Exchange Bank and Woori Finance are down by 1.2% and 0.8%, respectively. KB Financial is trading lower by 1.4%, while Shinhan Financial is up 0.3% over its previous close.
Among other markets in the Asia-Pacific region, Australia, Shanghai, Hong Kong and Indonesia are trading lower. The Japanese benchmark Nikkei is trading firm despite the country's GDP seeing its biggest contraction in the postwar period. Markets in New Zealand, Singapore and Taiwan have shed initial gains, but are currently trading in positive territory.
Most of the markets in the Asia-Pacific region had finished sharply higher on Tuesday. Major European markets turned in largely modest gains. The French CAC 40 Index closed up 0.9%, while the German DAX Index also rose, finishing up by 2.2%. Meanwhile, the U.K.'s FTSE 100 Index also saw some strength on the day, closing up by 0.8%.
On Wall Street, traders cut down long positions and took profits on Tuesday, as data released by the U.S. Commerce Department showed a decline in housing starts in April to an annual rate of 458,000 units, compared to March's revised rate of 525,000 units, suggesting a strong reacceleration is still some way off. New restrictions placed on the credit card industry sent financial stocks tumbling down sharply.
After a choppy ride, the Dow ended lower by 29.23 points at 8,475 and the S&P 500 closed down 1.58 points at 908. The Nasdaq, however, fared slightly better and closed 2.18 points up at 1,735.
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