Seoul shares seen edging higher, buoyed by U.S. data
SEOUL, March 4 (Reuters) - Seoul shares are likely to rise slightly on Monday when trading resumes after a public holiday, with strong U.S. data supporting investor appetite and overshadowing concerns about U.S. spending cuts. "The KOSPI is seen continuing gains from last week as additional talks are expected concerning the U.S. 'sequestration', while the yen's previous rapid weakness is seen getting milder," said Han Chi-hwan, an analyst at KDB Daewoo Securities. U.S. President Barack Obama and Republicans failed to agree to halt the $85 billion across-the-board budget cuts called the "sequester" on Friday. Global equity markets fell as weak economic data from Europe and China weighed, but Wall Street rebounded on news of surprisingly strong U.S. manufacturing and consumer sentiment. The benchmark Korea Composite Stock Price Index (KOSPI) gained 1.1 percent on Thursday to close at 2,026.49 points on Thursday, its highest close since Jan. 2. The market was closed on Friday for a public holiday. --------------------MARKET SNAPSHOT @07:31 GMT--------------- INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,518.20 0.23% 3.520 10-YR US TSY YLD 1.845 -- 0.000 SPOT GOLD $1,576.54 0.00% 0.000 US CRUDE $90.68 -1.49% -1.370 DOW JONES 14089.66 0.25% 35.17 ASIA ADRS 136.82 0.44% 0.60 ------------------------------------------------------------->Wa ll Street advances as data outweighs budget cuts >Prices rise as spending cuts point to weaker growth >U.S. dollar rallies, shrugs off gov't spending cuts >Brent crude oil erases 2013 gains ---STOCKS TO WATCH--- **CJ KOREA EXPRESS ** Seoul Guarantee Insurance plans to sell a 1.3 percent stake in logistics firm CJ Korea Express Corp through a block deal at a discount of at most 5 percent to Friday's closing price before the market open on Monday, local newspaper Korea Economic Daily reported last week. At the discount, Seoul Guarantee insurance is expected to raise at least 32.9 billion won ($30.4 million). **COWAY ** Water purifier maker Coway Co Ltd said in a regulatory filing on late Thursday it is considering selling a stake in sewage treatment subsidiary Green Environmental Technology Co, and has chosen Woori Investment & Securities as advisor. Coway acquired Green Environmental Technology in 2010 for 28.2 billion won. ($1 = 1082.8250 Korean won) (Reporting by Joyce Lee; Editing by Richard Pullin)
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.