Seoul shares seen weaker on U.S. uncertainty, ahead of key surveys
SEOUL, Oct 31 (Reuters) - Seoul shares are set to open lower on Thursday after the U.S. central bank renewed its open-ended commitment to monetary support, and with investors looking ahead to global economic indicators due out later in the week. "With uncertainties piling up, economic indicators are the utmost factor that investors are counting on as of now," said Chang Hee-jong, an analyst at Hana Daetoo Securities. Wall Street stocks slipped and Treasury yields popped higher after the U.S. Federal Reserve kept its $85 billion-a-month stimulus plan intact but did not sound quite as alarmed about the state of the economy as some had anticipated. The Fed also left room for trimming its stimulus beginning in December, though analysts said there were only "modest" chances of that happening. The more pressing concerns for investors are U.S. and China manufacturing surveys for October, both due on Friday. Preliminary export growth and trade balance data for South Korea are also due on the same day. Offshore investors, who repositioned as buyers late in the session by purchasing a net 149.4 billion won ($140.91 million) of local shares, helped support the market on Wednesday. They extended their record net buying streak to a 44th consecutive session. The Korea Composite Stock Price Index (KOSPI) closed up 0.4 percent at 2,059.58 points, its best close since Aug. 3 2011. KOSPI has gained 3.1 percent so far in the month of October, on track for a fourth straight winning month. ------------------MARKET SNAPSHOT @ 22:40 GMT------------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,763.31 -0.49% -8.640 USD/JPY 98.48 -0.01% -0.010 10-YR US TSY YLD 2.538 -- 0.000 SPOT GOLD $1,341.19 -0.07% -1.000 US CRUDE $96.68 -0.09% -0.090 DOW JONES 15618.76 -0.39% -61.59 ASIA ADRS 150.34 0.05% 0.07 ---------------------------------------------------------------> S&P 500's rally ends after Fed; Expedia up late >U.S. bond prices fall as Fed seen more hawkish >Dollar gains versus euro, yen after Fed statement >U.S. oil slides for 2nd straight day; spread widens STOCKS TO WATCH HYUNDAI MIPO DOCKYARD CO LTD The South Korean shipbuilder in a regulatory filing on Wednesday said it won a contract worth 327 billion won from a Middle East based company to build 10 ships for petrochemical transportation. ($1 = 1060.2750 Korean won) (Reporting by Jungmin Jang; Editing by Stephen Coates)
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