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4 years ago
Seoul shares seen following Wall St higher; central bank in focus
September 11, 2013 / 11:58 PM / 4 years ago

Seoul shares seen following Wall St higher; central bank in focus

SEOUL, Sept 12 (Reuters) - Seoul shares are likely to open
higher on Thursday after U.S. stocks gained as worries of an
imminent U.S. strike on Syria eased.
    Investors will also keep an eye on remarks later in the day
by South Korea's central bank chief on local and global economic
conditions after its monthly policy meeting, at which it looks
certain to hold interest rates steady.
    "The market is undergoing a mini liquidity rally, and rises
in global equities will keep underpinning the current upward
momentum," said Lim Soo-gyun, an analyst at Samsung Securities.
    Wall Street posted gains on Wednesday after U.S. President
Barack Obama said in a speech that he had asked Congress to put
off a vote on his request to authorise military action in Syria
to let diplomacy play out. 
    In Seoul, analysts surveyed by Reuters were unanimous in
forecasting the Bank of Korea would stand pat on interest rates
for a fourth consecutive month ahead of the U.S. Federal
Reserve's likely decision next week to reduce its stimulus
programme. 
    Foreign investors were net buyers of 681.2 billion won's
($626.95 million) worth of local stocks on Wednesday, a 14th
consecutive session of net purchases - the longest this year.
    The country's main index, the Korea Composite Stock Price
Index (KOSPI), closed 0.5 percent higher at 2,003.85 on
Wednesday.
    Front-end contracts for stock options and futures, as well
as index options and futures are all set to expire on Thursday.

---------------- MARKET SNAPSHOT @ 22:41 GMT -------------------
                  INSTRUMENT      LAST      PCT CHG      NET CHG
S&P 500                1,689.13        0.31%        5.140
USD/JPY                   99.92        0.07%        0.070
10-YR US TSY YLD     2.912         --          0.000
SPOT GOLD             $1,364.90       -0.09%       -1.240
US CRUDE                $107.67        0.10%        0.110
DOW JONES              15326.60        0.89%       135.54
ASIA ADRS               146.26       -0.42%        -0.61
----------------------------------------------------------------
>Wall St rises on Syria talks, Apple falls further          
>U.S. bond prices rise on strong 10-year note auction      
>Dollar slips to near two-week low on Fed outlook         
>Oil edges higher as U.S. pursues diplomacy for Syria      

    STOCKS TO WATCH
    POSCO 
    The South Korean steelmaker raised $745 million from a block
stock offering after trading hours on Wednesday, selling 2.49
million of its existing shares held by its treasury at 323,800
won each, a 4.8 percent discount to the day's close, IFR
reported. 
    
    E-MART CO LTD 
    The South Korean retail chain operator said on Wednesday it
had posted a 1.8 percent year-on-year rise in August sales at
962.4 billion won.
($1 = 1086.5250 Korean won)

 (Reporting by Jungmin Jang; Editing by Choonsik Yoo and Joseph
Radford)

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