The stock market in South Korea opened lower and is trading in negative territory on Tuesday morning, mirroring the losses on Wall Street last night amid disappointing corporate results and negative comments from analysts regarding financial stocks. Profit taking by market participants following a recent rally dragged the indices lower.
On Monday, the Dow closed down 41.74 points or 0.5% at 7,976, the Nasdaq closed down 15.16 points or 0.9% at 1,607 and the S&P 500 closed down 7.02 points or 0.8% at 835.
In Asian trading, crude oil is currently up $0.20 at $51.25 a barrel in electronic trading. Light sweet crude for May delivery closed down $1.46 at $51.05 a barrel on the New York Mercantile Exchange on Monday over demand concerns. Traders now look forward to Wednesday's Department of Energy inventory report.
The benchmark KOSPI Index opened Tuesday's session at 1,296, lower than its previous close of 1,298, and is currently trading at 1,289, down 8.67 points, or 0.67%.
The local currency, the Won, opened lower against the US greenback at 1325 Won per US$, down from 1,309.50 Won, and is currently quoted at 1,332 Won per US$.
Financials are trading lower on concerns about loss on equity investments. KB Financial Group is losing 2.77%, Shinhan Financial is falling 4.37% and Woori Finance is moving down 0.57%.
Shipbuilders are also trading weak on profit taking. Hyundai Heavy Industries is falling 3.20%, Samsung Heavy Industries is down 1.43%, and Daewoo Shipping is losing 1.30%.
Technology stocks are trading mixed. Hynix Semiconductor is losing 77% and LG Electronics is edging down 0.10%, but LG Display is adding 0.64%. Market heavyweight Samsung Electronics is falling 1.68%.
Among the automakers, Hyundai Motor is down 0.16%, and Kia Motor is falling 1.68%. However, Ssangyong Motor is advancing 14.77%.
Oil-related stocks are trading mixed. While SK Holdings is down 1.25%, S-Oil is trading unchanged at previous close.
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