Seoul shares seen down as "fiscal cliff" anxiety persists

Tue Dec 4, 2012 6:39pm EST

Related Topics

SEOUL, Dec 5 (Reuters) - Seoul shares are likely to extend
losses on Wednesday, as talks among U.S. politicians to avert a
"fiscal cliff" stalled.
    "The market lacks news that could add to the momentum seen
in late November. Investors' focus will remain on whether U.S.
politicians will unravel the fiscal cliff problem," said Kim
Hyeong-ryeol, an analyst at Kyobo Securities. 
    Optimism of progress was dented by remarks from President
Barack Obama, who rejected a Republican proposal to resolve the
crisis and said any deal must include a rise in income tax rates
on the wealthiest Americans. 
    The Korea Composite Stock Price Index (KOSPI) ended
down 0.25 percent at 1,935.18 points on Tuesday, easing from a
six-week high reached the previous session. 
--------------- MARKET SNAPSHOT @ 22:32 GMT --------------------
                   INSTRUMENT     LAST     PCT CHG     NET CHG
S&P 500                1,407.05      -0.17%      -2.410
USD/JPY                   81.93       0.05%       0.040
10-YR US TSY YLD     1.605        --        -0.017
SPOT GOLD             $1,696.65      -0.01%      -0.090
US CRUDE                 $88.50      -0.66%      -0.590
DOW JONES              12951.78      -0.11%      -13.82
ASIA ADRS               122.21      -0.16%       -0.19
----------------------------------------------------------------
> Wall St slips as investors seek cliff progress    
> Bond prices rise on Fed buying but range holds    
> Euro rise to 7-week high vs dollar on Greece hopes 
> Oil falls on U.S. budget, fuel demand concerns    
                    
---STOCKS TO WATCH---
    
    **SAMSUNG ELECTRONICS, CHEIL WORLDWIDE
 AND OTHER SAMSUNG AFFILIATES **
    Samsung Group, South Korea's biggest conglomerate, will
conduct management reshuffle Wednesday morning.
    
    **CJ KOREA EXPRESS, ASIANA AIRLINES
 **
    Asiana Airlines said it has decided to sell the 50 billion
Korean won ($46.15 million) worth of stocks it has in CJ Korea
Express on Wednesday in a block deal to secure liquidity and
improve its financial health. After the planned sale of 472,000
shares, Asiana Airlines will hold a 4.99 percent stake in the
logistics firm, Asiana Airlines said in a regulatory filing.
    
    **LG DISPLAY ** 
    The South Korean flat-screen maker's shares may be pressured
after news that its Japanese rival Sharp Corp will
secure as much as $120 million in a cash injection from Qualcomm
Inc to boost Sharp's efforts to remain viable.
 
($1 = 1083.4500 Korean won)

 (Reporting by Hyunjoo Jin; Editing by Eric Meijer)
FILED UNDER: