March 7, 2013 / 11:42 PM / 5 years ago

Seoul shares likely to gain on US jobs data, reapproach 2-mth high

SEOUL, March 8 (Reuters) - Seoul shares are likely to
rebound on Friday and move back towards a two-month high touched
this week, after global stocks rose on an upbeat U.S. jobs
report, with pressure from geopolitical risk expected to ease.
    "Although North Korean risk is a negative factor,
historically geopolitical risks have not weighed down a rise in
the stock market for any extended amount of time - barring
coinciding risks such as signs of an economic slowdown," said
Park Sung-hoon, an analyst at Woori Investment & Securities.
    Global equity markets rose on Thursday after an encouraging
U.S. labour market report indicated a steadily improving
economy, with the number of Americans filing new claims for
unemployment benefits unexpectedly falling last week.
    Also on Thursday, the U.N. Security Council voted to tighten
financial restrictions on Pyongyang in response to North Korea's
third nuclear test, after South Korea's military said it will
strike back at North Korea if Pyongyang follows through on a
threatened attack. 
    The Korea Composite Stock Price Index (KOSPI) 
dropped 0.8 percent to close at 2,004.40 points on Thursday, off
a two-month high marked on Wednesday.
--------------------MARKET SNAPSHOT @22:31 GMT--------------
                 INSTRUMENT    LAST    PCT CHG    NET CHG    
S&P 500               1,544.26     0.18%      2.800    
USD/JPY                  94.79    -0.02%     -0.020    
10-YR US TSY YLD    1.995      --        0.055    
SPOT GOLD            $1,577.95    -0.03%     -0.450    
US CRUDE                $91.56     1.25%      1.130    
DOW JONES             14329.49     0.23%      33.25    
ASIA ADRS              137.08    -0.71%      -0.98    
w closes at another high,eyes turn to US payrolls 
>Treasuries fall as jobless data stirs econ optimism 
>Euro bounces back as Draghi dampens easing view    
>Crude rises on surprise drop in U.S. jobless claims 

    **SAMSUNG SDI ** 
    Battery maker Samsung SDI has reached a deal to provide 
Volkswagen AG with a large number of electric car
batteries, South Korea's Maeil Business Newspaper reported on
    A spokesman for Samsung SDI said the firm is in talks with
Volkswagen and other automakers to supply electric vehicle
batteries, but nothing has been decided.
    **KOREA GAS **
    State-run utility Korea Gas Corp reported on late Thursday
an operating profit of 1.27 trillion Korean won ($1.2 billion)in
2012, a 23.8 percent jump from the previous year. 
($1 = 1087.1250 Korean won)

 (Reporting by Joyce Lee; Editing by Chris Gallagher)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below