Seoul shares seen higher on China optimism, Wall St rally
SEOUL, Sept 10 (Reuters) - Seoul shares are set to rise on Tuesday as global markets, led by Wall Street, were buoyed by upbeat Chinese data that eased concerns of a sharp slowdown in the world's second-largest economy. U.S. stocks rallied on Monday, with the Nasdaq ending at its highest level since September 2000, while the S&P 500 rose for the fifth straight session, posting its best daily performance since Aug. 1 as upbeat August trade and inflation data from China suggested that Asia's economic powerhouse may be stabilising. "The trend of stability in the global economy has bolstered investors' confidence, especially that of foreigners," said Bookook Securities analyst Kim Sung-hwan. However, profit-taking may curb the upside after the market's rapid gains in recent weeks, Kim said. The Korea Composite Stock Price Index (KOSPI) ended 1 percent higher at 1,974.67 points on Monday, its highest level since June 4. Foreign net buying of local stocks was near a 7-month high at 544.5 billion won ($501.01 million) on Monday, while foreigners extended their buying streak to 12 consecutive sessions, the longest this year. During that span, the main index rose 104.51 points, or 5.6 percent. Bookook's Kim expects foreigners to extend their buying interest on Tuesday. ------------------MARKET SNAPSHOT @ 22:42 GMT ------------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,671.71 1% 16.540 USD/JPY 99.63 0.06% 0.060 10-YR US TSY YLD 2.914 -- 0.000 SPOT GOLD $1,388.36 0.10% 1.420 US CRUDE $108.64 -0.80% -0.880 DOW JONES 15063.12 0.94% 140.62 ASIA ADRS 145.04 1.91% 2.72 ---------------------------------------------------------------- >Wall St jumps, Nasdaq ends at highest since Sept 2000 >U.S. yields fall on perception of modest Fed tapering >Dollar slips versus most majors on Fed uncertainty >Oil prices slide 2 pct on proposal to avert Syria strike STOCKS TO WATCH HYUNDAI MOTOR CO The automaker's South Korean unionised workers voted in favour of a wage deal on Monday to end walk-outs that held back production of more than 50,000 vehicles worth 1.02 trillion won ($938.54 million). DAEWOO ENGINEERING & CONSTRUCTION CO LTD The company said on Monday it won a 36.9 billion won bid to design a petroleum export facility for Venezuela's state-run petroleum company PDVSA. SUPPLIERS TO APPLE INC Key suppliers to Apple, such as SK Hynix Inc and LG Display Co Ltd, should be closely watched as Apple shares rose 1.6 percent overnight on heightened expectations of better earnings ahead of unveiling its newest smartphone later in the global day.
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