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Seoul shares seen pressured by China, euro zone conerns
October 23, 2013 / 11:32 PM / 4 years ago

Seoul shares seen pressured by China, euro zone conerns

SEOUL, Oct 24 (Reuters) - Seoul shares are expected to trade
lower on Thursday, after slipping from a two-year high in the
previous session, as fears of a liquidity tightening in China
and a planned stress test of European banks eroded sentiment.
    "Risk appetite has taken a toll at the 2,050 level and will
continue to do so in the near term," said Bookook Securities
analyst Kim Sung-hwan, after the bourse hit the top end of its
trading range over the past two years.
    "China and euro zone cues could add more pressure, but
foreign inflows and China manufacturing surveys will provide
strong bottom support," said Kim.
    China and euro zone preliminary manufacturing surveys are
due later in the day.
    Global equity markets weakened on Wednesday as China's
primary short-term money rates rose on concerns the People's
Bank of China may tighten its cash supply to address inflation
risks, which could hurt growth in the world's second-largest
    The European Central Bank also said it would put major euro
zone banks through rigorous tests next year to build confidence
in the sector. But shares prices eased amid concern the review
could actually undermine confidence if it reveals unexpected
    On Wednesday, Foreign investors purchased 592 billion won
($560.63 million) worth of local shares, the most since Sept.
12. Offshore investors bought for a 39th consecutive session to
extend their longest streak on record.
    The Korea Composite Stock Price Index (KOSPI) closed
down 1 percent at 2,035.75 points on Wednesday, snapping a
four-day winning streak.
    Investors await July-September earnings results due later in
the day from market heavyweights such as Hyundai Motor Co
, POSCO and LG Electronics Inc

------------------MARKET SNAPSHOT @ 22:40 GMT ------------------
                  INSTRUMENT        LAST     PCT CHG     NET CHG
S&P 500                   1,746.38     -0.47%      -8.290
USD/JPY                      97.34     -0.02%      -0.020
10-YR US TSY YLD        2.498       --         0.000
SPOT GOLD                $1,330.94     -0.06%      -0.800
US CRUDE                    $97.09      0.24%       0.230
DOW JONES                 15413.33     -0.35%      -54.33
ASIA ADRS                  149.76     -1.89%       -2.89
>Wall Street ends down as Caterpillar falls, Boeing rallies 
>U.S. yield slip to 3month low as Fed tapering seen delayed 
>Dollar,yen,Swiss franc rise on China short-term rate rise 
>Oil down as U.S. inventories rise, spread trade volatile  
    LG Household in a regulatory filing on Wednesday said its
July-September quarter operating profits were at 145.5 billion
won, a 10.8 percent increase from a year ago. The South Korean
company said its operating profit increased for a 35th
consecutive quarter.
    Hyundai Glovis in a regulatory filing on Wednesday said its
third-quarter operating profit was 169.9 billion won, a 14.1
percent increase from a year ago.
($1 = 1055.9500 Korean won)

 (Reporting by Jungmin Jang; Editing by Richard Pullin)

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