Seoul shares seen up on Wall Street; weak S.Korea data may cap
SEOUL, Oct 30 (Reuters) - Seoul shares are expected to track global equities higher on Wednesday as investors bet the U.S. central bank will keep its stimulus intact for longer, despite disappointing local industrial output data. "Firm overnight performance in the U.S. markets will be able to lift the market, but not to a year high," said Bae Sung-young, an analyst at Hyundai Securities. "In order for the market to test new highs, three elements -- Wall Street, China and the domestic market -- must all bolster risk appetite. But China and domestic markets aren't seen doing that today," Bae said, pointing to recent credit concerns in China. Global markets led by Wall Street rose overnight after the latest economic data added to evidence of sluggish economic growth in the world's largest economy, supporting views that the Federal Reserve will not move soon to trim its $85 billion monthly stimulus. The Fed's policy statement is due later on Wednesday. South Korea's industrial output contracted in September on monthly terms by the sharpest pace in 6-months, suggesting the country's economic recovery has yet to hit full steam, data showed on Wednesday. Foreigners purchased a net 124.5 billion won ($117.4 million) of local shares on Tuesday, extending a net buying streak to a record 43 consecutive sessions. The Korea Composite Stock Price Index (KOSPI) rose 0.2 percent to 2,051.76 points on Tuesday, and is just shy of the year high level of 2,063.28 touched last week. ------------------MARKET SNAPSHOT @ 22:40GMT------------------- INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,771.95 0.56% 9.840 USD/JPY 98.17 -0% 0.000 10-YR US TSY YLD 2.503 -- 0.000 SPOT GOLD $1,344.01 0.02% 0.320 US CRUDE $97.44 -0.77% -0.760 DOW JONES 15680.35 0.72% 111.42 ASIA ADRS 150.27 0.59% 0.88 --------------------------------------------------------------- >Dow, S&P 500 end at highs on stimulus hopes, IBM >Prices little changed on mixed data as Fed meets >Dollar rises for third session before Fed decision >Oil drops on Libyan export resumption hope s STOCKS TO WATCH SHINHAN FINANCIAL GROUP CO LTD Shinhan Financial said in a regulatory filing on Tuesday it recorded a third-quarter operating profit of 759.4 billion won, up 6.2 percent from a year ago. DGB FINANCIAL GROUP DGB Financial in a regulatory filing on Tuesday said its operating profit for the third-quarter was 120.1 billion won, a 12 percent year-on-year increase. ($1 = 1060.6500 Korean won) (Reporting by Jungmin Jang; Editing by Richard Pullin)
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Four dead in apparent Connecticut murder-suicide
- South Korea expands air defense zone to partially overlap China's |
- Singer Susan Boyle reveals she has Asperger's syndrome: paper
- Dynasty's Congress party punished in Indian state elections