The stock market in South Korea opened lower on Thursday morning, but it has since then recovered and is trading in positive territory. The domestic market is capitalizing on the advance by Wall Street stocks yesterday following the release of an unexpected increase in the U.S. durable goods orders for February and s positive new home sales report.
On Wednesday, The Dow closed up 89.84 points or 1.2% at 7,750, the Nasdaq closed up 12.43 points or 0.8% at 1,529 and the S&P 500 closed up 7.63 points or 1% at 814.
The benchmark KOSPI Index in South Korea opened Thursday's session lower at 1,226, compared to its previous of 1,229, and is currently trading at 1,237, up 8.02 points, or 0.65%.
The local currency, the Won, opened higher against the US greenback at 1358 Won per US$, up from 1,363 Won, and is presently quoted at 1,341 Won per US$.
In Asian trading, crude oil is currently up $0.56 at $53.33 a barrel, in electronic trading. Crude oil futures settled Wednesday's session in New York at $52.77 a barrel, representing a decline of $1.21, with the drop attributed to the EIA's weekly inventory report that showed another week of a build-up in crude oil stockpiles.
On Wednesday, the Minister for Knowledge Economy in South Korea, Lee Youn-ho said that trade surplus for the current year might surpass the government's initial target of US$12 billion, primarily due to a sharp drop in imports as well as strengthening of the local currency against the greenback.
Technology stocks are leading the market higher in early trading session. Hynix Semiconductor is gaining more than 9.5% and LG Display is advancing 2.13%. However, LG Electronics is down 2.13%. Market heavyweight Samsung Electronics is gaining 0.18%.
Financials are also trading higher. KB Financial Group, the holding firm of Kookmin Bank, is gaining 1.85%, Shinhan Financial is advancing 1.65%, and Woori Finance is up 0.13%
On the other hand, shipbuilders are trading lower on profit taking. Hyundai Heavy Industries is falling 1.19%, Daewoo Ship building is losing 1.52%, and Samsung Heavy Industries is down 1.37%.
Among oil-related stocks, S-Oil is losing 0.51%, while SK Holdings is unchanged from previous close.
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