Seoul shares seen gaining, investors eye BOJ meeting

Mon Jan 21, 2013 6:47pm EST

Related Topics

SEOUL, Jan 22 (Reuters) - Seoul shares are likely to edge up
with increased volatility on Tuesday, supported by U.S. fiscal
moves, as investors await an expected monetary easing
announcement by the Bank of Japan.
    "The proactive gesture concerning U.S. fiscal talks by
Republicans in the U.S. House of Representatives is expected to
firm the main board. But the expected outcome of the Bank of
Japan policy meeting could hurt the auto sector by further
weakening the yen," said Kang Hyun-gie, an analyst at IM
Investment & Securities.
    Republican leaders in the U.S. House of Representatives have
scheduled a vote on Wednesday on a nearly four-month extension
of U.S. borrowing capacity. 
    The Bank of Japan is expected to issue a joint statement
with the Japanese government around 0300-0530 GMT on Tuesday,
pledging to pursue aggressive monetary easing to achieve a
target for inflation of 2 percent. 
    The Korea Composite Stock Price Index (KOSPI) fell
0.05 percent to close at 1,986.86 points on Monday, down 2.2
percent since Jan. 2.  
    
--------------------MARKET SNAPSHOT @ 22:32 GMT----------------
                 INSTRUMENT      LAST      PCT CHG     NET CHG
S&P 500               1,485.98        0.34%       5.040
USD/JPY                  89.68        0.11%       0.100
10-YR US TSY YLD    1.840         --         0.000
SPOT GOLD            $1,689.55        0.00%       0.000
US CRUDE                $95.47       -0.09%      -0.090
DOW JONES             13649.70        0.39%       53.68
ASIA ADRS              135.22        0.24%        0.32
---------------------------------------------------------------
>Dow,S&P 500 end at 5yr high on early earnings beats 
>Bond prices climb on hedging, economic data        
>Yen selloff fades before high-stakes BOJ decision  
>Oil edges lower on oversupply concern              

---STOCKS TO WATCH---  

    **KOREA LINE, STX PAN OCEAN ** 
    Local private equity fund Hahn & Company is likely to be the
preferred bidder to acquire a controlling stake in South Korea's
second-largest dry bulk shipper Korea Line Corp, local media
reported late Monday. 
    Online news service Money Today reported out of five initial
bidders, SK Shipping Co Ltd, CJ GLS Inc and another strategic
investor did not submit a binding bid. 
    STX Corp is also seeking to sell a stake of
about 35 percent in STX Pan Ocean Co Ltd, the country's largest
dry bulk shipper, and is expected to draw interest from some of
the initial bidders for Korea Line, a source with direct
knowledge of the matter told Reuters earlier. 

 (Reporting by Joyce Lee; Editing by Richard Pullin)
FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.