Seoul shares seen lower on delayed U.S. deal; foreign buying eyed

Tue Oct 15, 2013 7:43pm EDT

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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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