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4 years ago
Seoul shares seen buoyed by Bernanke's defense of monetary easing
February 26, 2013 / 11:16 PM / 4 years ago

Seoul shares seen buoyed by Bernanke's defense of monetary easing

SEOUL, Feb 27 (Reuters) - Seoul shares are likely to rebound
on Wednesday after Federal Reserve Chairman Ben Bernanke
reassured investors that stimulus measures in the United States
would continue.
    "The KOSPI will get a boost from the rally in U.S. markets
following Bernanke's comments," said Kim Sung-hwan, an analyst
at Bookook Securities.
    U.S. equities climbed as Bernanke strongly defended the
Fed's bond-buying stimulus, easing worries that monetary
policymakers might be getting cold feet about continuing the
extraordinary measures to support the
economy.  
    However, Kim said that gains will be capped due to concerns
about automatic federal spending cuts expected to begin on March
1 in the United States.
    The Korea Composite Stock Price Index (KOSPI) fell
0.5 percent to close at a one-week low of 2,000.01 points on
Tuesday.
    
------------------MARKET SNAPSHOT @ 22:28 GMT------------------
INSTRUMENT    LAST    PCT CHG    NET CHG
S&P 500                1,496.94    0.61%      9.090    
USD/JPY                   91.96      -0%      0.000    
10-YR US TSY YLD     1.886     --        0.021    
SPOT GOLD             $1,613.70    0.04%      0.590    
US CRUDE                 $92.63   -0.52%     -0.480    
DOW JONES              13900.13    0.84%     115.96    
ASIA ADRS               135.60    1.00%       1.34    
------------------------------------------------------------->Wa
ll Street rebounds on Bernanke comments          
>Yields near 1-month low as Bernanke defend bond buy 
>Euro flat after seesaw session                     
>Brent crude oil drop under $113 on Italian votefear 

---STOCKS TO WATCH---  
    **SSANGYONG MOTOR CO **
    The country's fourth-largest carmaker posted its best annual
sales figures since 2007 and also cut its operating losses in
the fourth quarter to 99 billion won ($90 million), 30 percent
lower than the previous year.
    Ssangyong is majority-owned by India's Mahindra & Mahindra
 
($1 = 1088.0000 Korean won)

 (Reporting by Somang Yang; Editing by Edwina Gibbs)

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