May 6, 2012 / 11:42 PM / 5 years ago

Seoul shares seen pressured by Europe elections, grim U.S data

 SEOUL, May 7 (Reuters) - Seoul shares are seen lower on
Monday, pressured by concerns about the impact of weekend
elections in France and Greece on the euro zone debt crisis and
weaker-than-expected U.S. jobs data.	
 Socialist Francois Hollande swept to victory in France's
presidential election on Sunday in a swing to the left at the
heart of Europe and promised to start a pushback against
German-led austerity policies. 	
 "Hollande isn't setting out to throw out all of his
predecessor's work and start over. Compromise and balance
between austerity and growth isn't a bad thing, especially if he
can promote enough of the latter to outweigh the added deficit
from eased fiscal tightening," said Rhoo Yong-suk, an analyst at
Hyundai Securities.	
 Greek voters enraged by economic hardship caused by the
terms of an international bailout turned on ruling parties in an
election on Sunday, putting the country's future in the euro
zone at risk and threatening to revive Europe's debt
crisis. 	
 Adding to the negative sentiment, U.S. employers cut back on
hiring in April, spurring concerns that the U.S. economy is
losing momentum.  	
 The Korea Composite Stock Price Index (KOSPI) fell
0.3 percent to close at 1,989.15 points on Friday.	
 	
-----------------MARKET SNAPSHOT @ 22:22 GMT--------------------	
            INSTRUMENT       LAST       PCT CHG     NET CHG	
S&P 500              1,369.10        -1.61%     -22.470	
USD/JPY                 79.73        -0.03%      -0.020	
10-YR US TSY YLD   1.879           --        0.000	
SPOT GOLD           $1,636.89        -0.31%      -5.160	
US CRUDE               $95.91        -2.62%      -2.580	
DOW JONES            13038.27        -1.27%     -168.32	
ASIA ADRS             123.29        -1.23%       -1.53	
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>Wall St posts worst week as job growth slows       	
>Bonds gain as weak U.S. jobs data stirs worry      	
>Dollar drops on jobs data, euro sinks              	
>Oil dives 2.5 pct, biggest weekly drop since Nov   	
 	
---STOCKS TO WATCH---	
  	
**SK HYNIX **	
 	
U.S.-based Micron Technology is the likely winner in the
bidding for Elpida Memory Inc, Japan's public broadcaster NHK
reported on Friday, in a deal that would help the failed
Japanese chipmaker sustain operations and repay creditors. SK
Hynix dropped out of the bidding on Friday. 	
 	
**DAEWOO SHIPBUILDING & MARINE ENGINEERING **	
 	
Daewoo Shipbuilding & Marine Engineering said on Friday it had
won a $1.1 billion order to build two semi-submersible drill
rigs from an unidentified European buyer.	
 	
**GS GLOBAL CORP **	
 	
According to local media reports, GS Global Corp purchased a 20
percent stake worth $310 million in the Nemaha oil fields in
Oklahoma.  	
	
 (Reporting by Joonhee Yu; Editing by Jonathan Hopfner)	
 

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