South Korean Market Pares Early Gains

(RTTNews) - After trading higher for well over a couple of hours tracking the overnight rally on Wall Street, the South Korean stock market has drifted down around noon on Tuesday due to profit taking in several front line stocks.

The benchmark KOSPI index, which rose to 1,665.7 in early trades, is currently up 3.9 points, or 0.22%, at 1,653.

Technology stocks LG Display LCD and LG Electronics are trading stronger by 3% and 2.7% respectively. Heavyweight Samsung Electronics is up 0.4%, while Hynix Semiconductor is gaining about 0.5%.

Among bank stocks, KB Financial is gaining 2%, Woori Finance is up by about 1% and Shinhan Financial is trading modestly higher, while Korea Exchange Bank is trading in negative territory with a 1.4% loss.

In the shipping space, bulk carrier STX Pan Ocean is trading 3.5% up. Hyundai Heavy Industries and Samsung Heavy Industries are gaining 0.8% and 0.7% respectively, while Daewoo Shipbuilding is down with a modest loss.

Automobile stocks Kia Motor and Hyundai Motor are trading lower. However, Ssangyong Motor is up nearly 6% over its previous close. Airliners are trading firm, while oil, steel and telecom stocks are exhibiting a mixed trend.

Lotte Shopping is trading 3.5% up following an announcement by the company that it expects to pay an estimated 735 billion won, or US$629.7 million, for Chinese supermarket operator Times.

Among other markets in the Asia-Pacific region, Australia, Shanghai, Japan and New Zealand are trading notably higher. Hong Kong, Singapore and Taiwan are trading modestly higher, while Indonesia is exhibiting some weakness. Stock markets across the region had ended on a mixed note on Monday.

On Wall Street, stocks rallied sharply on Monday on better-than-expected earnings reports and economic optimism. The decline in homebuilder confidence did hurt sentiment to an extent, but the impact was not significant.

The Dow ended stronger by 96.3 points, or 1%, at 10,092, the Nasdaq advanced 19.5 points, or 0.9%, to end at 2,176 and the S&P 500 moved up 10.2 points, or 0.9%, to 1,098.

Major European markets closed considerably higher on Monday, with the French CAC 40 index and the German DAX index advancing by 1.7% and 1.9% respectively, while the U.K.’s FTSE 100 index rose by 1.1%.

Crude moved higher for the eighth consecutive session and rose toward US$80 per barrel on Monday as higher global equities improved the outlook for energy demand. Light sweet crude oil for November delivery finished at US$79.61 per barrel, up US$1.08 on the session.

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