South Korean Market Trades Weak

The South Korean stock market is trading lower on Tuesday with investors looking to take profits in banking and shipping stocks. Automobile and oil stocks are also exhibiting some weakness.

The benchmark KOSPI index, which drifted down to around 1,699 in early trades, is currently at 1,708, down 2.3 points or 0.13% from its previous close.

Among technology stocks, Hynix Semiconductor, LG Display LCD and LG Electronics are trading higher by 1.3%-1.7%, while heavyweight Samsung Electronics is trading in negative territory with a loss of about 1%.

In the banking space, Korea Exchange Bank, Shinhan Financial and KB Financial are down 0.6%-0.7%, while Woori Finance is down with a loss of 2%.

Among shipping stocks, STX Pan Ocean and Daewoo Shipbuilding are trading modestly higher, while Hyundai Heavy Industries and Samsung Heavy Industries are trading lower by 0.2% and 1% respectively.

Automobile stocks Kia Motor and Hyundai Motor are trading notably higher. However, Ssangyong Motor is down with a sharp loss of 2.3%.

Oil and steel stocks are trading mixed. Airliners and telecommunications stocks are also exhibiting a mixed trend.

Among other markets in the Asia-Pacific region, Australia, Indonesia, Japan, Singapore and Taiwan are trading weak, while Shanghai, Hong Kong and New Zealand are in positive territory. Markets across the region had ended on a mixed note on Monday.

On Wall Street, stocks managed to close on the upside on Monday after a choppy ride. Rising hopes about a solution to Greece's debt problems and upbeat sentiment ahead of the reporting season contributed to the positive close.

The major averages all closed on the upside despite threatening to end lower in late-session dealing. The Dow advanced by 8.6 points or 0.1% to 11,006, the Nasdaq closed up 3.8 points or 0.2% at 2,457.9 and the S&P 500 edged up by 2.1 points or 0.2% to 1,196.5.

Major European markets closed nearly unchanged on Monday. The U.K.'s FTSE 100 index edged up 0.1%, while the German DAX index and the French CAC 40 closed flat.

Crude oil prices slipped for the fourth consecutive session on Monday on demand concerns. Light, sweet crude for delivery in May, fell 58 cents to US$84.34 a barrel after rallying above US$85 earlier in the day.