REFILE-Seoul shares may fall on econ worry; SK Tel eyed

(Refiles to update table)

SEOUL, May 22 (Reuters) - Seoul shares may fall on Friday
after an overnight sell-off on Wall Street, with shares in SK
Telecom (017670.KS) set to be eyed after the mobile carrier said
it would buy a broadband network from an affiliate.

"Shares are likely to fall given the latest correction in
global equities. Investors are beginning to sense the gap between
shares' gains and economic fundamentals after a batch of data
this week and bearish comments by the U.S. Fed renewed economic
worries," said Won Jong-hyuck, a market analyst at SK Securities.

SK Telecom may be eyed after the company said on Friday it
would purchase the broadband network of its affiliate SK Network
(001740.KS) for 892.9 billion won. The company also said it will
participate in the rights issuance of another affiliate, SK
Broadband (033630.KQ).

SK Broadband said late on Thursday it planned to issue 60
million shares worth a tentative 300 billion won.

Shares in SK Network will be suspended until 0030 GMT on
Friday, according to a Korea Exchange filing.

Meanwhile crude prices CLc1 falling from six-month highs
may help transporters such as Korean Air Line (003490.KS).

The Korea Composite Stock Price Index (KOSPI)
finished down 0.98 percent at 1,421.64 points on Thursday.
----------------------MARKET SNAPSHOT @ 2247 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 888.33 -1.68% -15.140
USD/JPY JPY= 94.12 -0.24% -0.230
10-YR US TSY YLD US10YT=RR 3.3794 -- 0.000
SPOT GOLD XAU= 953.4 0.00% 0.000
US CRUDE CLc1 61.27 0.36% 0.220
DOW JONES .DJI 8292.13 -1.54% -129.91
ASIA ADRS .BKAS 106.52 -1.73% -1.88
-------------------------------------------------------------

MARKETS SUMMARY
*U.S. stocks, dollar tumble on credit worries [nN21265045]
*Oil falls from 6-mnth peak as jobs, Fed data weigh [nSIN101873]
*Dollar falls to 2009 low as debt worries rise [nN21307095]
*Treasuries plunge as US assets under pressure [nN21524042]

STOCKS TO WATCH

STX CORP (011810.KS)

The holding company of STX Group may be eyed after the
group's chairman said unlisted unit STX Energy aims to make an
initial public offering next year, according to local media
reports late on Thursday.

LG ELEC (066570.KS)

The world's No.3 handset maker is aiming to post sales this
year equal or higher than 2008 in its home appliance unit,
despite expectations that the global appliance market will shrink
by 19 to 20 percent, an executive told Reuters on Thursday.
[ID:nSEO372304]

(Reporting by Jungyoun Park; Editing by Jonathan Hopfner)