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Seoul shares hit 3-month high on firm data; US uncertainty caps
September 3, 2013 / 3:16 AM / 4 years ago

Seoul shares hit 3-month high on firm data; US uncertainty caps

* Shipbuilders and metal shares rise on China, euro zone data

* Hyundai Motor falls amid partial walkouts

SEOUL, Sept 3 (Reuters) - Seoul shares hit a near three-month intraday high on Tuesday morning as a string of upbeat manufacturing data from China and the euro zone signalled a nascent global recovery, though caution over upcoming U.S. figures limited gains.

Prospects for the global economy brightened after a new round of purchasing managers’ surveys for August showed that China and euro zone industry strengthened.

The Korea Composite Stock Price Index (KOSPI) was up 0.5 percent at 1,935.03 points as of 0217 GMT after touching 1,940.99, the highest intraday level since June 7.

“A bullish global economic outlook is factoring on the main index, but with more U.S. data ahead, it doesn’t seem enough for further gains,” said Woori Investment & Securities analyst Kim Byung-yeon, referring to U.S. August trade balance and jobs figures due later this week.

Foreign investors were net buyers of just a net 80.5 billion won ($73.15 million) worth of local stocks in the morning, poised for eighth straight session of net buying.

Shipbuilders rose on upbeat China and euro zone PMI data, lifting prospects for higher earnings in the following quarters. Hyundai Mipo Dockyard Co Ltd and Daewoo Shipbuilding & Marine Engineering Co Ltd rose 4.1 percent and 3.9 percent, respectively.

Samsung Heavy Industries Co Ltd rose 2.6 percent after the company announced on Monday it won two separate orders worth 1.1 trillion won ($999.59 million) in total.

Korea Zinc Inc gained 2.1 percent after copper prices, along with other industrial commodities, rebounded China’s strong manufacturing data to end a four-day losing streak.

Automaker Hyundai Motor Co fell 1.0 percent in the wake of ongoing partial strikes by unionised workers. Affiliates Kia Motors Corp and auto parts maker Hyundai Mobis Co Ltd dipped 1.8 percent and 1.4 percent, respectively.

The KOSPI 200 benchmark of core stocks rose 0.5 percent, while the junior KOSDAQ edged 0.6 percent higher.

$1 = 1100.4500 Korean won Reporting by Jungmin Jang; Editing by Eric Meijer

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