(RTTNews) - The South Korean market is trading firm on Friday with technology and steel stocks posting notable gains. Automobile stocks are exhibiting weakness, while shipping and bank stocks are trading mixed.

Though the market is up in positive territory, the mood remains a bit cautious with a section of investors staying wary of picking up stocks at higher levels amid doubts over the pace of economic recovery.

The benchmark KOSPI index, which surged to 1,592.1, is currently trading at 1,585, up 12.5 points, or 0.8%, over its previous close.

Among tech stocks, heavyweight Samsung Electronics is trading 1.2% up, Hynix Semiconductor is gaining about 3.5% and LG Electronics is up 1%. However, LG Display LCD is trading in negative territory with a loss of about 1%.

Hyosung Corp. shares are up over 4% amid market talk that the company may drop its bid to buy a stake in Hynix Semiconductor Inc. Hyosung, the sole contender to have expressed interest in a controlling stake in Hynix, said there is no change in the company’s stance that it would make an announcement about its intention by the November 16 deadline.

In the banking space, Korea Exchange Bank and Woori Finance are trading lower by 2.2% and 1.2% respectively, while Shinhan Financial and KB Financial are up 2% and 1.6% respectively over their previous closing prices.

Steel stocks Hyundai Steel and POSCO are trading stronger by 1.2% and 3.3% respectively. Oil stocks SK Holdings and S-Oil are up with notable gains. KEPCO is trading modestly higher.

Automobile stocks Kia Motor and Hyundai Motor are down 2% and 1% respectively. Ssangyong Motor is declining by about 15%.

Among shipping stocks, Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding are up 0.6%-1.5%, while STX Pan Ocean is down with a 1.3% loss. Airlines and telecom stocks are trading flat.

Among other markets in the Asia-Pacific region, Australia, Hong Kong, Singapore and Taiwan are up with notable gains. Shanghai, Indonesia, Japan and New Zealand are trading with modest gains. Markets in the region had closed notably higher on Friday.

On Wall Street, a subdued reaction to monthly employment figures kept the major averages near the unchanged mark on Friday. The market remained week initially on the heels of the release of a report from the Labor Department that showed employment fell by more than expected in the month of October. However, it moved higher later on in the day on bargain hunting and ended with modest gains.

The Dow closed up 17.5 points, or 0.2%, at 10,023.4, the Nasdaq advanced 7.1 points, or 0.3%, to 2,112.4 and the S&P 500 rose 2.7 points, or 0.3%, to 1,069.3.

Major European markets saw little change Friday. The U.K.’s FTSE 100 and the German DAX index edged up 0.3% and 0.1% respectively, while the French CAC 40 Index finished with a very small loss.

Crude oil dropped on Friday as discouraging jobs data raised energy demand concerns. Light sweet crude for December moved to US$77.43, down US$2.19 on the session.

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Posted in Categories: Releases, Stocks.

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