Seoul shares set to gain on foreign buying; US govt tangle seen brief
SEOUL, Oct 2 (Reuters) - Seoul shares are set to track Wall Street higher on Wednesday, underpinned by a belief that a U.S. government shutdown would be brief and on expectations foreign investors will continue to pour funds into the local market. Global stocks held strong on Tuesday as investors largely shrugged off the first partial shutdown of the U.S. government in 17 years on bets that it will be short-lived. "Continuous foreign inflows despite a U.S. government shutdown indicated investors are looking at the long-term, stemming from the market's firm fundamentals," said Hyundai Securities analyst Bae Sung-young. Foreigners, the main driver of the Seoul market in recent months, extended their net buying streak to a 25th consecutive session on Tuesday, purchasing 149.7 billion won ($139.42 million) worth of local shares on Tuesday. It brought their total purchases for the period to a net 9.3 trillion won. An industry report showed on Tuesday that U.S. manufacturing sector in September expanded at its fastest pace since April 2011, bolstering investor confidence that the world's largest economy is on a firmer footing. IBK Investment & Securities said in a note to its clients that investors may adopt a cautious stance ahead of the market closure on Thursday for a public holiday and the upcoming earnings season. Market heavyweight Samsung Electronics Co Ltd is expected to report third-quarter earnings on Friday, kicking off the quarterly earnings season. The Korea Composite Stock Price Index (KOSPI) gained 1.91 points to close at 1,998.87 points on Tuesday. -------------------MARKET SNAPSHOT @ 22:47 GMT------------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,695.00 0.8% 13.450 USD/JPY 98.02 0.05% 0.050 10-YR US TSY YLD 2.650 -- 0.000 SPOT GOLD $1,288.84 0.22% 2.850 US CRUDE $101.59 -0.44% -0.450 DOW JONES 15191.70 0.41% 62.03 ASIA ADRS 146.70 0.34% 0.49 ---------------------------------------------------------------- >Wall St rebounds as gov't shutdown seen short-lived >Bonds slip on gain in manufacturing as govt shuts down >Dollar off 8-mth low as data mutes US government shutdown >Oil prices lower as U.S. government remains shut down STOCKS TO WATCH KIA MOTORS CORP Kia Motors said late on Tuesday it plans to offer an electric version on one of its model lines in the U.S. by next year. Meanwhile Kia's September total sales declined a year-on-year 9.7 percent. ($1 = 1073.7500 Korean won) (Reporting by Jungmin Jang; Editing by Shri Navaratnam)
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