(Corrects name of first copmany under "Stocks to Watch"
section to SKC from SK Chemicals)
SEOUL, May 29 (Reuters) - Seoul shares may rise on Friday
after gains on Wall Street, with growing hopes of strengthening
earnings for local companies likely to boost shares further.
"The main index has shown surprisingly strong support at
the 1,400 point level despite the latest negative news flows.
Shares will probably rise today, helped also by U.S. shares'
gains," said Won Sang-pil, a market analyst at Tong Yang
Securities.
"An improving earnings outlook has also lowered the price
earnings ratio of the listed firms, making their share
valuations more attractive. Buying appetite will be strong,"
Won added.
Seoul markets may be helped after better U.S. durable goods
orders and other encouraging data on Thursday reinforced a
sense that the global economic slump could be
abating.[ID:nSP395954]
Technology issues such as Samsung Elec (005930.KS) may rise
after Dell Inc (DELL.O), the world's No.2 PC maker, narrowly
beat analysts' expectations for a sharply reduced profit on
Thursday.[ID:nN28362922]
Sentiment may be further boosted by data on Friday showing
that South Korean manufacturers' asessment of the business
outlook for June hit an eight-month high. [ID:nSEO345032]
The Korea Composite Stock Price Index (KOSPI) ended
up 2.21 percent to 1,392.17 points on Thursday, after falling
as much as 1.25 percent.
----------------------MARKET SNAPSHOT @ 2245 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 906.83 1.54% 13.770
USD/JPY JPY= 96.88 -0.03% -0.030
10-YR US TSY YLD US10YT=RR 3.6122 -- 0.000
SPOT GOLD XAU= 960.2 0.15% 1.400
US CRUDE CLc1 64.74 -0.52% -0.340
DOW JONES .DJI 8403.80 1.25% 103.78
ASIA ADRS .BKAS 109.55 1.99% 2.14
-------------------------------------------------------------
MARKET SUMMARY *Wall St lifted by energy sector,easing bond
yield[ID:nN28369311] *OPEC 'stays the course', oil rises above
$65 [ID:nLS12120] *Yen falls as Japan investors buy
abroad, euro up [ID:nN28505976] *Treasuries recover with
issuance over for now [ID:nN28585843]
STOCKS TO WATCH
SKC (011790.KS)
SKC sold a 7.6 pct stake in SK Securities (001510.KS) for
44.6 billion won ($35.48 million) to improve its balance sheet
and secure money for investment, according to a regulatory
filing late on Thursday.
AUTOMAKERS
General Motors Corp GM.N said on Thursday it had reached
a deal with major bondholders that would give them bigger stake
in a reorganised and effectively nationalised automaker and
could pave the way for a fast-track bankruptcy by GM within
days.[ID:nN28324145]
($1=1256.8 Won)
(Reporting by Jungyoun Park; Editing by Jonathan Hopfner)
