Seoul shares look to U.S., Europe for short-term momentum

Mon Feb 11, 2013 6:43pm EST

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SEOUL, Feb 12 (Reuters) - Seoul shares will likely trade
within a narrow range on Tuesday, mirroring global risk markets
as investors wait for short-term signals from a euro zone
ministers' meeting and the U.S. president's State of the Union
address. 
    "Events such as the EU finance ministers' meeting and the
State of the Union address are not expected to affect long-term
market direction," said Kang Hyun-gie, an analyst at IM
Investment & Securities. 
    "As the yen-dollar exchange rate shows signs of speed
adjustment, upcoming economic data from the U.S. and China could
have a larger effect."
    The yen slid sharply against the dollar on Monday after a
U.S. Treasury official voiced support for Japan's efforts to
boost growth. Wall Street and world equity markets were little
changed amid a lack of major economic news. 
    The Korea Composite Stock Price Index (KOSPI) 
rebounded from a 10-week low to close up 1 percent at 1,950.90
points on Friday. The KOSPI was closed on Monday for the Lunar
New Year holiday. 
    
------------------- MARKET SNAPSHOT @ 22:31 GMT ----------------
                  INSTRUMENT      LAST      PCT CHG      NET CHG
S&P 500                1,517.01       -0.06%       -0.920
USD/JPY                   94.29       -0.01%       -0.010
10-YR US TSY YLD     1.964         --          0.015
SPOT GOLD             $1,648.05        0.02%        0.400
US CRUDE                 $97.03        1.37%        1.310
DOW JONES              13971.24       -0.16%       -21.73
ASIA ADRS               137.32        0.31%         0.42
----------------------------------------------------------------
>Wall St ends flat as investors seek new catalysts 
>Prices steady to lower ahead of new US debt supply 
>Euro rebounds on Weidmann comment; yen plunges    
>Brent oil fall after US blizzard;Europe worry drag 

    ---STOCKS TO WATCH---  
      
    **TONGYANG NETWORKS **
    Tongyang Networks said in a filing late on Friday
preferential talks with IBM's South Korean unit to buy
its IT services business had been tentatively postponed.
Tongyang Networks is still in talks with various companies,
including IBM's South Korean unit, to acquire the business or
enter a strategic partnership.
   
     **HYUNDAI MOTOR ** 
    The addition of a third shift at its Alabama plant last year
will allow automaker Hyundai Motor Co to increase its U.S. sales
4.4 percent in 2013 to 734,000, Hyundai Motor America Chief
Executive John Krafcik said on Monday. 

 (Reporting by Joyce Lee; Editing by Paul Tait)
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