Asian Economic News
South Korean Market Recovers After Fall From Higher Levels
11/15/2009 9:55 PM ET
(RTTNews) -
After a positive start and a subsequent fall to lower levels, the South Korean stock market has edged up a bit amid cautious trades on Monday. Shipping stocks are trading mostly higher, while technology, bank and automobile stocks are trading mixed.
The benchmark KOSPI index, which declined to 1,567 after edging up to 1,581 in early trades, is currently up 2.1 points or 0.13% at 1,574.
In the shipping space, bulk carrier STX Pan Ocean is gaining as much as 6.3%, while Daewoo Shipbuilding, Hyundai Heavy Industries and Samsung Heavy Industries are trading higher by 0.7%-1%.
Among tech stocks, heavyweight Samsung Electronics is gaining 0.7%, Hynix Semiconductor is trading 0.6% up and LG Display LCD is up with a modest gain, while LG Electronics is down in negative territory with a loss of about 1%.
Among bank stocks, Woori Finance is trading 1.3% up. Shinhan Financial is trading flat, while Korea Exchange Bank and KB Financial are trading lower by 0.7% and 0.6% respectively.
In the automobile space, Ssangyong Motor is up 1.6% and Hyundai Motor is trading modestly higher, while Kia Motor is declining by about 1.4%.
Steel stocks POSCO and Hyundai Steel are gaining 1.2% and 0.3% respectively. Airliners are trading with modest gains, while telecom and oil stocks are exhibiting weakness.
Among other markets in the Asia-Pacific region, Australia, Shanghai, Hong Kong, Indonesia, Singapore and Taiwan are up with notable gains. New Zealand and Japan are trading modestly higher. Markets across the region had closed on a mixed note on Friday.
On Wall Street, stocks rose by solid margins on Friday despite the headwind of a bleak reading on consumer attitudes. The major averages all closed firmly in positive territory after ending the previous session sharply lower.
Despite a decline in consumer sentiment and widening U.S. trade deficit, traders were seen picking up stocks with some recent upticks by a number of major retailers indicating a recovery in consumer spending.
The Dow closed up 73 points or 0.7% at 10,270.5, the Nasdaq advanced 18.9 points or 0.9% to 2,167.9 and the S&P 500 moved up 6.2 points or 0.6% to 1,093.5.
Major European markets closed mostly higher on Friday. U.K.'s FTSE 100 index and the German DAX index both moved up by 0.4%, while the French CAC 40 index drifted lower by 0.1%.
Crude oil prices fell for a second straight session and finished below US$77 per barrel on Friday, dropping to its lowest level in nearly a month as weaker-than-forecast economic data led to demand worries. Light sweet crude for December delivery dropped to US$76.35 per barrel, down 59 cents on the session.
by RTT Staff Writer
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