Seoul shares seen lower on delayed U.S. deal; foreign buying eyed
SEOUL, Oct 15 (Reuters) - Seoul shares are expected to ease on Wednesday as a stalemate extended in Washington over a U.S. debt deal, although a brigher economic outlook in the euro zone may provide some support. "Choppy trade today may even lead to some correction, as investors are unable to cast off all doubts with the debt deadline due within hours," said IM Investment & Securities analyst Kang Hyun-gee. Wall Street ended weaker and U.S. futures fell after U.S. debt talks stumbled ahead of the Thursday deadline, leading Fitch Ratings to warn it may cut the U.S. sovereign credit rating from AAA. A survey on Tuesday showed economic sentiment in Germany, Europe's largest economy, rose to its highest level in 3-1/2 years at 52.8 in October, underscoring tentative signs of a euro zone recovery. Foreigners, who have driven the main board higher in recent months, extended their buying streak to a 33rd consecutive session on Tuesday. Another session of net gains would match the longest foreign buying streak in KOSPI history. Foreigners purchased 315.8 billion won ($296.0 million) worth of local shares on Tuesday, bringing their total purchases for the period to a net 11.6 trillion won. The Korea Composite Stock Price Index (KOSPI) closed up 1 percent at 2,040.96 points on Tuesday, its highest close since April 3 2012. Earlier on Wednesday, data from Statistics Korea showed the country's unemployment rate stood at a 9-month low. ------------------MARKET SNAPSHOT @ 22:40 GMT------------------- INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,698.06 -0.71% -12.080 USD/JPY 98.29 0.13% 0.130 10-YR US TSY YLD 2.728 -- 0.000 SPOT GOLD $1,278.19 -0.16% -2.000 US CRUDE $101.12 -0.09% -0.090 DOW JONES 15168.01 -0.87% -133.25 ASIA ADRS 148.68 -0.76% -1.13 ---------------------------------------------------------------- >Wall St ends lower, futures fall after Fitch rating move >U.S. Oct bill rates jump as debt clock runs down >Dollar drops vs yen after Fitch puts US on credit watch >Oil drops on U.S. fiscal impasse, Iran talks STOCKS TO WATCH HYUNDAI STEEL CO The South Korean steel company on Tuesday said it had decided to sell 386,440 shares, worth 33.2 billion won, to provide a bonus stocks for its workers. DONG-A SOCIO HOLDINGS CO LTD Dong-A Socio Holdings said on Tuesday it will sell 303,546 shares, worth 45.2 billion won, to raise funds to purchase its affiliate Dong-A ST Co Ltd's shares. ($1 = 1066.8000 Korean won) (Reporting by Jungmin Jang; Editing by Richard Pullin)
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