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5 years ago
Seoul shares set to rise after Fed action, test one-month high
September 13, 2012 / 11:41 PM / 5 years ago

Seoul shares set to rise after Fed action, test one-month high

SEOUL, Sept 14 (Reuters) - South Korean stocks are set to
climb and test a one-month high on Friday, following a Wall
Street rally after the U.S. central bank launched another
aggressive programme to stimulate the world's biggest economy.
    The Federal Reserve's decision to tie its unconventional
bond buying directly to economic conditions was an unprecedented
step that marked a big escalation in its efforts to drive U.S.
unemployment lower. 
    "Some action by the Federal Reserve was expected, but there
were surprises as well," said Kim Joo-hyung, an analyst at Tong
Yang Securities. "The KOSPI will try to reach last month's
highest intraday level of 1,964.07 points today."
    The Korea Composite Stock Price Index (KOSPI) 
finished up 0.03 percent at 1,950.69 on Thursday after narrowly
missing a four-week high in the previous session on hopes of the
Fed's monetary easing policy. 
     
--------------MARKET SNAPSHOT @ 22:09 GMT ------------------
               INSTRUMENT    LAST       PCT CHG    NET CHG
S&P 500               1,459.99        1.63%     23.430
USD/JPY                  77.51        0.04%      0.030
10-YR US TSY YLD    1.721         --        0.000
SPOT GOLD            $1,769.06        0.16%      2.770
US CRUDE                $98.10       -0.21%     -0.210
DOW JONES             13539.86        1.55%     206.51
ASIA ADRS              122.43        1.83%       2.20
-------------------------------------------------------------
>Fed's stimulus move ignites Wall Street      
>Prices for 30-year bonds sink on QE3         
>Dollar drops as Fed unleashes new stimulus   
>Oil rises as Fed stimulus cheers markets     
                                         
    STOCKS TO WATCH
    SAMSUNG HEAVY INDUSTRIES 
    Norwegian oil and gas firm Statoil has signed a
letter of intent with Samsung Heavy Industries to build a new
permanent floating storage unit for the Heidrun field, Statoil
said in a statement on Thursday. 
    
    KOREA GAS CORP 
    French oil giant Total said on Thursday its gas
affiliate Total Gas & Power Limited had sealed a deal with South
Korea's KOGAS for the purchase of 0.7 million metric tonnes per
year of liquefied natural gas (LNG) for the Sabine Pass Terminal
in Louisiana. 

 (Reporting by Hyunjoo Jin; Editing by Chris Gallagher)

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