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Seoul shares seen lower on U.S. fiscal cues, eyes on China data
September 29, 2013 / 11:40 PM / 4 years ago

Seoul shares seen lower on U.S. fiscal cues, eyes on China data

SEOUL, Sept 30 (Reuters) - Seoul shares are seen tracking
Wall Street lower on Monday as investors avoid risk ahead of a
possible U.S. government shutdown, although China data due later
in the day may help recover losses.
    Investors were wary after political wrangling in U.S.
Congress over the weekend made it increasingly unlikely that
Republicans and Democrats will agree to fund the government
before the fiscal year ends at midnight on
    "An immediate weakness in equities is expected ... in past
U.S. fiscal standoffs, capital was inclined towards safe-haven
assets like gold," Korea Investment & Securities said in a note
to its clients.
    Investors are watching a slew of Chinese economic readings
to confirm stability in South Korea's largest export market. The
final September HSBC manufacturing purchasing managers' index
(PMI) is due for release later in the day, followed by official
September PMI on Tuesday and HSBC services PMI on Friday.
    "China data will provide confidence to investors who are
consumed by the U.S. cues, but probably not enough to convince
investors about risk-taking behaviour," said Samsung Securities
analyst Kim Yong-goo.
    Foreigners helped drive the Korea Composite Stock Price
Index (KOSPI) 0.2 percent higher to close at 2,011.80
points on Friday. KOSPI rose 0.3 percent for the week, marking a
fifth consecutive weekly gain. 
    South Korea's manufacturing business survey index for
October climbed to a seasonally adjusted 82, the Bank of Korea
said earlier Monday, its highest since reaching 83 in May last
year. Industrial output expanded in August at its quickest pace
in nine months.  

------------------MARKET SNAPSHOT @ 22:41 GMT-------------------
                  INSTRUMENT         LAST     PCT CHG    NET CHG
S&P 500                   1,691.75      -0.41%     -6.920
USD/JPY                      97.80      -0.45%     -0.440
10-YR US TSY YLD        2.628        --        0.000
SPOT GOLD                $1,339.25       0.31%      4.100
US CRUDE                   $102.04      -0.81%     -0.830
DOW JONES                 15258.24      -0.46%     -70.06
ASIA ADRS                  147.79      -0.90%      -1.34
>Wall St falls as U.S. government faces possible shutdown   
>Safe-haven bonds rise as government shutdown looms        
>Dollar drops broadly on possible U.S. government shutdown 
>Oil falls as U.S. and Iran look for nuclear deal          
    Conglomerate SK chairman Chey Tae-won was sentenced four
years in prison on embezzling corporate funds while his brother
was sentenced 3-1/2 years.

    LG Household said on Friday it decided to sell 9 million
shares of its affiliate Coca-Cola Beverage Company Korea at
148.5 billion won in Nov.20.       
($1 = 1073.6500 Korean won)

 (Reporting by Jungmin Jang; Editing by Stephen Coates)

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