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Seoul shares seen down as recession worries deepen
SEOUL, Sept 23 (Reuters) - Seoul shares are likely to open lower on Friday as concerns about global economic stagnation deepen on debt problems in Europe and an increasingly grim U.S. and Chinese economic outlook.
"We will probably see significant falls today, with the index hitting around the 1,750 point level," said Hong Soon-pyo, a market analyst at Daishin Securities.
"There is not much progress so far in Europe, and we are only hearing bad news on both the credit and economic fronts right now," Hong said, adding that outflow of foreign capital may ensue.
World leaders and finance chiefs on Thursday pushed Europe to quell its debt crisis and big emerging economies said they might provide more money to help stop the chaos from spreading.
Analysts said demand for safer assets such as the U.S. dollar would likely continue to grow, potentially fuelling volatility in the local foreign exchange market and causing swings in Seoul stocks as well.
The Korea Composite Stock Price Index finished down 2.9 percent at 1,800.55 points on Thursday.
------------------MARKET SNAPSHOT @ 22:26 GMT------------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,129.56 -3.19% -37.200 USD/JPY 76.26 -0% 0.000 10-YR US TSY YLD 1.718 -- -0.138 SPOT GOLD $1,739.79 0.26% 4.460 US CRUDE CLc1 $80.67 0.20% 0.160 DOW JONES 10733.83 -3.51% -391.01 ASIA ADRS 110.04 -4.20% -4.83 ---------------------------------------------------------------M rket Summary >Market's 3 percent fall suggests deepening worry >U.S. debt rallies as stock plunge spurs safety bid >Dollar climbs as global gloom boost safe-haven bid >Brent crude ends at 6-week low on recession worry
STOCKS TO WATCH
The world's No.2 memory chip maker said on Thursday that it would invest 575 billion won ($500 million) to upgrade two semiconductor production lines and for research and development.
South Korean trading firm Samsung C&T said on Thursday that it was in discussions to purchase independent U.S. oil company Parallel Petroleum, which is owned by private equity group Apollo Global Management LLC .
Shipping firms like STX Pan Ocean could be helped by a more than 4 percent gain in the Baltic Dry Index , which measures the cost of shipping key commodities. (Reporting by Jungyoun Park; Editing by Jonathan Hopfner)
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