Seoul shares seen edging down on weak corporate earnings

Wed Oct 24, 2012 12:40am BST

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SEOUL, Oct 24 (Reuters) - Seoul shares are likely to edge
down on Wednesday as lacklustre corporate earnings results in
local and international markets weigh on investor sentiment. 
    Results from tech giants SK Hynix, which
reported a third-quarter operating loss before the market
opened, and LG Electronics are expected to affect
the larger index. 
    "With uncertainty in global markets, investor concern is
growing about the growth prospects of large-cap companies," said
Park Jung-sup, an analyst at Daishin Securities. 
    "With investors lacking confidence about a global economic
rebound, the wider market is expected to weigh with the
exception of some small- and mid-caps."  
    Global shares tumbled on Tuesday on weak U.S. corporate
earnings results, with the Dow Jones industrial average posting
its biggest point drop since June on disappointing profits and
earnings outlook from Dupont and United Technologies
. 
    The Korea Composite Stock Price Index (KOSPI) closed
down 0.8 percent at 1,926.81 points on Tuesday, falling for a
third session. 
    
---------------MARKET SNAPSHOT @22:14 GMT -----------------     
            INSTRUMENT     LAST   PCT CHG   NET CHG    
S&P 500              1,413.11    -1.44%   -20.710    
USD/JPY                 79.84       -0%     0.000    
10-YR US TSY YLD   1.761      --       0.000    
SPOT GOLD           $1,707.06    -0.06%    -1.030    
US CRUDE               $86.56    -0.13%    -0.110    
DOW JONES            13102.53    -1.82%   -243.36    
ASIA ADRS             120.03    -1.82%     -2.22    
-------------------------------------------------------------
>Weak outlooks doom Dow to worst day in 4 months    
>Spain, growth worries propel bond prices           
>Euro falls on global growth woes, Spain's debt     
>Oil slumps, corporate forecast cuts                

---STOCKS TO WATCH---  
      
**SK HYNIX **
    SK Hynix Inc, the world's No. 2 computer memory
chip maker, announced a third-quarter operating loss of 15
billion won before market opened. This was above a market
forecast of a 57 billion won loss from 15 analysts surveyed by
Reuters. 

**LG Electronics ** 
    LG Electronics Inc is set to announce its
third-quarter earnings results later on Wednesday. The world's
No. 2 TV maker is expected to announce an operating profit of
172 billion won for the July-September quarter, according to 13
analysts surveyed by Reuters. 
    

 (Reporting by Joyce Lee; Editing by Richard Pullin)
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