Seoul shares seen gaining on investor hopes for Fed support

Sun Dec 9, 2012 6:41pm EST

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SEOUL, Dec 10 (Reuters) - Seoul shares are likely to edge
higher on Monday as investors hope the U.S. Federal Reserve will
take further action to support the U.S. economy after a meeting
later this week. 
    "Despite the persistent noise surrounding the U.S. fiscal
talks, local shares are expected to rise due to the possible
introduction of additional plans to bolster the U.S. economy,"
said Kwak Byung-yeol, an analyst at Eugene Securities. 
    The Federal Open Market Committee will meet on Tuesday and
Wednesday, and is expected to announce a fresh round of Treasury
bond purchases to maintain support for the weak economy.
 
    Data on Sunday also showed growth in China's factory output
and retail sales hit eight-month highs in November, the latest
sign that its economy is snapping out of a protracted slump.
    The Korea Composite Stock Price Index (KOSPI) closed
up 0.4 percent at 1,957.5 points on Friday, extending gains from
a seven-week closing high in the previous session.  
    
-------------------MARKET SNAPSHOT @22:43 GMT--------------- 
                 INSTRUMENT    LAST    PCT CHG    NET CHG    
S&P 500               1,418.07     0.29%      4.130    
USD/JPY                  82.59     0.32%      0.260    
10-YR US TSY YLD    1.623      --        0.000    
SPOT GOLD            $1,703.94    -0.01%     -0.100    
US CRUDE                $85.93    -0.38%     -0.330    
DOW JONES             13155.13     0.62%      81.09    
ASIA ADRS              124.28     0.57%       0.71    
------------------------------------------------------------->Do
w, S&P rise on jobs, but Apple bites Nasdaq again 
>Prices fall on job growth, ahead of new supply     
>Dollar climbs vs euro on US jobs data; Fed eyed    
>Oil seesaw as US job growth offsets budget deadlock 
  
---STOCKS TO WATCH---  

    **HOTEL SHILLA **
    Hotel Shilla Co Ltd said in a regulatory filing late Friday
it will spend 83.5 billion won on renovations and repairs on
rooms and facilities of its Seoul hotel between January 10 to
July of 2013.    
    
     **STX CORP ** 
    STX Heavy Industries Co Ltd, the industrial plant business
affiliate of South Korea's STX Corp, said on Sunday it has
obtained a $150 million order to construct and operate a power
plant in Iraq. 

 (Reporting by Joyce Lee; Editing by Richard Pullin)
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