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Seoul shares seen steady, pause in yen weakness lends support
February 12, 2013 / 11:30 PM / 5 years ago

Seoul shares seen steady, pause in yen weakness lends support

SEOUL, Feb 13 (Reuters) - Seoul shares are likely to remain
steady on Wednesday as investors remain reluctant to build
positions ahead of a Bank of Korea rate decision on Thursday and
a Group of 20 finance  ministers meeting later in the week.
    Expectations of a pause or slowing in yen weakness has lent
support to the market, though foreign exchange moves,
particularly in the Japanese currency will continue to be the
main focus for domestic stocks.
    "South Korea's financial markets remain stable despite North
Korea's nuclear test, with buying by foreign investors
supporting the index," said Oh Seung-hoon, an analyst at Daishin
    Sharp declines in the yen dragged on South Korean large-caps
throughout January as yen weakness increases the value of
overseas earnings for Japanese rivals and makes them more price
    The Korea Composite Stock Price Index (KOSPI) fell
0.3 percent to close at 1,945.79 points on Tuesday, losing
ground after marking a four-day high in the previous session.  
    But other stock markets edged higher on Tuesday, while the
yen rallied against the dollar after an official with the Group
of Seven said it is worried about excessive moves in the
Japanese currency. 
--------------------MARKET SNAPSHOT @22:31 GMT----------------  
              INSTRUMENT    LAST    PCT CHG     NET CHG    
S&P 500               1,519.43     0.16%       2.420    
USD/JPY                  93.47     0.01%       0.010    
10-YR US TSY YLD    1.979      --         0.014    
SPOT GOLD            $1,651.15     0.05%       0.750    
US CRUDE                $97.51     0.49%       0.480    
DOW JONES             14018.70     0.34%       47.46    
ASIA ADRS              137.31    -0.01%       -0.01    
Wall Street ends slightly higher, Dow near a record 
>Prices dip before retail data;G7 spark covers      
>Yen rallies as G7 say concerned about weak currency 
>Oil rises on new forecasts for demand growth       

    South Korea's stock exchange said in a filing late Tuesday
Ssangyong Motor Co Ltd has until Thursday to confirm or deny a
Korean media report saying the automaker is pursuing a rights
    The stock exchange extended the deadline, previously set on
0900 GMT Tuesday, in consideration for Ssangyong's company
holidays continuing through Wednesday. 
    Shares in Ssangyong Motor fell 3.2 percent on Tuesday after
online media Money Today reported Ssangyong's board will decide
on a rights issue worth about 100 billion won ($91.3 million) on

    **DONGAONE ** 
    Flour processor DongAOne Co Ltd reported late Tuesday a 2012
operating profit of 14.3 billion won ($13.1 million), a 340
percent increase from the previous year. 
($1 = 1090.7250 Korean won)

 (Editing by Edwina Gibbs)

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