Seoul shares seen higher on firm global data; Fed in focus
SEOUL, Sept 5 (Reuters) - Seoul shares look set to rise on Thursday as firm data from major economies bolstered confidence about the global growth outlook, though investors remain cautious on expectations that the Federal Reserve will start reducing its stimulus later this month. U.S. auto sales in August posted best monthly figures in almost six years, while U.S. trade data suggested a growing economy this quarter and China's services sector growth hit a five-month high in August, adding to recent signs the global economy was on a firmer footing. "Signs of global economic recovery is a double-edged sword," said SK Securities analyst Ko Seung-hee. "Optimism will outweigh concerns on Fed's stimulus reduction, but not by much." The Fed's stimulus has been a major driver of riskier assets in recent years and the growing speculation of a turn in the U.S. central bank's policy has roiled markets since June. Foreign interest has been a key driver of the recent rise in the main index. They were again net buyers of a modest 26.0 billion won ($23.75 million) worth of local stocks on Wednesday, their ninth straight session of net buying. The Korea Composite Stock Price Index (KOSPI) edged 0.04 percent lower to 1,933.03 points on Wednesday. ------------------MARKET SNAPSHOT @ 22:36 GMT------------------- INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,653.08 0.81% 13.310 USD/JPY 99.71 -0.04% -0.040 10-YR US TSY YLD 2.897 -- 0.000 SPOT GOLD $1,391.09 0.02% 0.250 US CRUDE $107.36 0.12% 0.130 DOW JONES 14930.87 0.65% 96.91 ASIA ADRS 141.61 1.18% 1.65 ---------------------------------------------------------------- >Wall Street up as automakers, tech shares gain >Prices fall as stocks gain; nonfarm payrolls awaited >Dollar retreats as investors eye jobs data, Syria tension >Oil lower as Syrian strike seen limited STOCKS TO WATCH SK HYNIX INC On Wednesday, the world's No.2 DRAM chipmaker said operations at its China plant, which produces around 12 percent of global computer memory chips, were suspended due to a fire. A prolonged suspension could add pressure to a shortage in global supply of DRAM chips that have nearly doubled its price in the first six months of this year due to tight supply. SAMSUNG LIFE INSURANCE CO LTD Samsung Life Insurance on Wednesday announced its strategic partnership with New York Life Investments in asset management and plans to launch a $250 million worth fund by end of the month. THEALL MEDI BIO CO LTD The company on Wednesday said it signed a contract with South Korean Defense Acquisition Program Administration to supply 1.9 billion won ($1.74 million) worth of electric light components. ($1 = 1094.5500 Korean won) (Reporting by Jungmin Jang; Editing by Shri Navaratnam)
- Special Report: Thailand secretly supplies Myanmar refugees to trafficking rings |
- UPDATE 2-China bars banks from bitcoin transactions
- The 10 Most Corrupt and Least Corrupt Countries in the World
- Obama says he's not allowed iPhone for 'security reasons'
- China's airspace zone has caused apprehension: Biden |