Seoul shares seen higher on China optimism, Wall St rally

Mon Sep 9, 2013 7:35pm EDT

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.
A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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