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Seoul shares seen rising from 7-mth low on bargain hunting
July 25, 2012 / 11:48 PM / 5 years ago

Seoul shares seen rising from 7-mth low on bargain hunting

 SEOUL, July 26 (Reuters) - Seoul shares are likely to
rebound from a seven-month low on Thursday on bargain-hunting,
although the market remains pressured by worries of a deepening
crisis in the euro zone and sluggish global growth.
 "The market is still very nervous about Europe, but current
valuations near the 1,770 level are attractive to bargain
seekers," said Lee Young-gon, an analyst at Hana Daetoo
Securities.
 "Given the uncertainty in the market, however, we don't
expect investors to buy with any strong conviction," Lee said.
 South Korea's economy grew 0.4 percent in the April-June
period over the prior quarter, the central bank's advance
estimates showed on Thursday, just below the market
consensus. 
 The Korea Composite Stock Price Index (KOSPI) fell
1.37 percent to close at 1,769.31 points on Wednesday. 
 
-------------------MARKET SNAPSHOT @21:51 GMT---------------- 
              INSTRUMENT    LAST    PCT CHG   NET CHG    
S&P 500               1,337.89    -0.03%    -0.420    
USD/JPY                  78.15     0.03%     0.020    
10-YR US TSY YLD    1.398      --       0.007    
SPOT GOLD            $1,603.88     0.00%     0.000    
US CRUDE                $88.99     0.02%     0.020    
DOW JONES             12676.05     0.47%     58.73    
ASIA ADRS              111.58    -0.14%     -0.16    
-------------------------------------------------------------
>S&P 500, Nasdaq fall on Apple's miss; Dow rises    
>Prices ease but yields hold near record lows       
>Euro rises from 2-year low, but gains to fade      
>Brent hits $104 on Mideast fear                    
 
---STOCKS TO WATCH---
 
**KB FINANCIAL GROUP **

South Korea's KB Financial Group has decided not to
bid for a 6 trillion won ($5.23 billion) controlling stake in
Woori Finance Holdings, a source with direct
knowledge of the plan said on Wednesday. 
 
**LG DISPLAY **
 
South Korean flat screen maker LG Display said on
Thursday it would invest 1.2 trillion won ($1.04 billion) to
upgrade an existing production line to boost production capacity
of panels used in high-end mobile devices. 

 (Reporting by Joonhee Yu; Editing by Richard Pullin)
 

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