Seoul shares seen range-bound; eyes on currency moves, earnings

Mon Jan 28, 2013 6:29pm EST

Related Topics

SEOUL, Jan 29 (Reuters) - Seoul shares are likely to trade
in a tight range on Tuesday as recent heavy selling by foreign
investors is expected to ease, but currency moves and weak
corporate earnings could weigh on the market.
    "It's difficult to completely rule out pressure from
currency moves, but with the won-dollar exchange rate rebounding
lately, investors' focus could move from currencies to
fundamentals," said Oh Seh-hyun, an analyst at Hana Daetoo
Securities.
    The South Korean won plunged to its lowest in 13
weeks against the dollar on Monday, quoted at an intraday low of
1,093.5 per dollar at the end of onshore trade in its biggest
daily decline since September 2011. 
    South Korean shares have fallen 4.5 percent in the
year-to-date as of Monday, underperforming a 1.7 percent gain in
their Asian peers.
    The Korea Composite Stock Price Index (KOSPI) closed
down 0.4 percent at 1,939.71 points on Monday, its lowest close
since Dec. 4. Foreign investors on Monday net sold more than 500
billion won ($465.4 million) for the second consecutive session,
marking the largest foreign selloff in 16 months.
    
--------------------MARKET SNAP    SHOT @ 22:22 GMT
--------------
                 INSTRUMENT       LAST      PCT CHG      NET CHG
S&P 500                1,500.18       -0.18%       -2.780
USD/JPY                   90.68       -0.18%       -0.160
10-YR US TSY YLD     1.965         --          0.016
SPOT GOLD             $1,654.59        0.02%        0.250
US CRUDE                 $96.50        0.65%        0.620
DOW JONES              13881.93       -0.10%       -14.05
ASIA ADRS               133.57       -0.55%        -0.74
----------------------------------------------------------------
>S&P 500 eases, ends longest winning run in 8 years 
>US Treasuries prices ease; supply looms            
>Dollar slips from 2-1/2-year peak vs yen           
>Oil rises as Hess refinery closure boosts gasoline 

    ---STOCKS TO WATCH---
    **DAEWOONG PHARMA **
    Generic drug maker Daewoong Pharma reported late on Monday
an operating profit of 37.9 billion won ($34.7 million) in 2012,
a 37.2 percent decrease from the previous year. 
     
    **SAMSUNG C&T ** 
    Samsung C&T Corp reported late on Monday an operating profit
of 413.9 billion won ($378.6 million) in 2012, a 31.2 percent
increase from the previous year. 
    The construction and trading company set a target of 16.6
trillion won in new orders and 29.9 trillion won in revenue in
2013. 
    
    **DAEWOO SHIPBUILDING & MARINE ENGINEERING **
    Daewoo Shipbuilding & Marine Engineering Co Ltd reported
late on Monday an operating profit of 451.6 billion won ($413.1
million) in 2012, a 55.4 percent decrease from the previous
year. 
($1 = 1093.2500 Korean won)

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