S.Korea shares may rise on foreign buying; Syria tensions could cap gains
SEOUL, Aug 27 (Reuters) - Seoul shares may open higher on Tuesday, likely helped by foreign buying in cyclical stocks on the back of recent upbeat global data, but a potential U.S. missile strike against Syria over the alleged use of chemical weapons could temper buying activity. Global markets declined overnight after U.S. Secretary of State John Kerry signaled a possible military response to Syria's use of chemical weapons. Orders for long-lasting U.S. manufactured goods recorded their biggest drop in nearly a year in July, data on Monday showed, easing worries that the Federal Reserve will start to trim its stimulus next month. "The market still has room to rise," said Kim Yong-goo, market analyst at Samsung Securities. "Though the extent of gains will be limited by the Syria issue, eased concerns on Fed's September tapering will push the market upwards." Kim tipped chemical, shipyard, and construction shares to lead the rise on the main index as recent data suggested the global economy is on a firmer footing. Foreign buying should support the market, but inflows could weaken after a light trading day in Wall Street, he said. Foreign investors were net buyers of 183.8 billion won ($165.19 million) worth of local shares on Monday. The Korea Composite Stock Price Index (KOSPI) rose 1.0 percent to 1,887.86 points on Monday, the highest closing level since Aug. 19. ------------------ MARKET SNAPSHOT @ 22:38 GMT ----------------- INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,656.78 -0.4% -6.720 USD/JPY 98.42 -0.08% -0.080 10-YR US TSY YLD 2.787 -- 0.000 SPOT GOLD $1,401.74 -0.19% -2.660 US CRUDE $106.17 0.24% 0.250 DOW JONES 14946.46 -0.43% -64.05 ASIA ADRS 139.18 -0.74% -1.03 ---------------------------------------------------------------- >Wall St falls after Kerry blasts Syria on chemical weapon >Government bond prices gain on weaker economic data >Dollar edges up as Fed debate shifts to size of pullback >Brent oil hits 5-mth high on Syria,settle lower on US data STOCKS TO WATCH COWAY CO LTD South Korean living goods maker's largest shareholder MBK Partners, a private equity firm, agreed to purchase ING Groep's South Korean insurance unit for 1.84 trillion won ($1.65 billion), ING Groep said in a statement on Monday. ($1 = 1112.6500 Korean won) (Reporting by Jungmin Jang; Editing by Shri Navaratnam)
- White House reverses, says Obama met uncle and lived with him during law school
- South Africans, some fearful, wake to life without Mandela |
- Key U.S. lawmakers urge China to back off on air defense zone
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image
- U.S. television, Twitter, alive with new version of 'Sound of Music'