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Seoul shares seen steadier on tech earnings hopes
April 22, 2013 / 11:37 PM / 5 years ago

Seoul shares seen steadier on tech earnings hopes

SEOUL, April 23 (Reuters) - Seoul shares are likely to be
steadier on Tuesday as tech stocks firm ahead of earnings but
gains will be capped by concerns about the weakening yen, which
came close to the symbolic 100 yen/dollar level on Monday
    "Because the KOSPI is so tech-heavy, it will firm today but
the outlook for local equities is not good," said Lee Eun-taek,
an analyst at Dongbu Securities. 
    "The G20 gathering practically endorsed Japan's stimulus
policies yesterday, so the trend will continue." 
    In a statement after a two-day meeting on Friday, the G20
said it would be "mindful" of possible side-effects from
extended periods of monetary stimulus, without singling out
Japan as some had feared. 
    The Korea Composite Stock Price Index (KOSPI) closed
up 1 percent at 1,926.31 points on Monday, posting the biggest
daily gain since March 25, but still down 3.9 percent so far
this month.     
------------------MARKET SNAPSHOT @ 22:28 GMT-------------------
S&P 500                    1,562.50       0.47%     7.250
USD/JPY                       99.23       0.03%     0.030
10-YR US TSY YLD         1.695        --       0.000
SPOT GOLD                 $1,425.64       0.04%     0.500
US CRUDE                     $89.26       0.08%     0.070
DOW JONES                  14567.17       0.14%     19.66
ASIA ADRS                   138.92       0.10%      0.14
>Wall St gain with Microsoft;Netflix jump after bell 
>Yields stay low on waning inflation                
>Dollar falls vs yen after coming close to 100 mark 
>Brent oil rises above $100/bbl on equity gains     
    Daewoo Shipbuilding said on Monday that it had been chosen
as the preferred bidder to supply a frigate to Thailand's navy.
Although the shipmaker did not disclose the amount, a Thai media
report suggested the order was worth 13 billion baht ($453.20
    Shares in the company closed 2.2 percent higher on Monday.
    A local court dismissed a suit by Swiss-based Shindler
Holdings to stop Hyundai from issuing new shares, the
firm said on Monday.
    Following the ruling, Hyundai will go ahead with plans to
issue new stock worth over 100 billion won ($89.37 million), the
Maeil Business Newspaper reported on Tuesday. 
    Shares in the company closed 3.6 percent higher on Monday.
($1 = 28.6850 Thai baht)
($1 = 1118.9750 Korean won)

 (Reporting by Somang Yang; Editing by Stephen Coates)

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