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Seoul shares seen softening after big gains
December 13, 2012 / 11:31 PM / in 5 years

Seoul shares seen softening after big gains

SEOUL, Dec 14 (Reuters) - Seoul shares are likely to fall on
Friday to consolidate recent big gains, following U.S. equities
ending a winning run.
    "The index is likely to waver a little following U.S.
markets, and also on profit-taking since it crossed the
2,000-mark yesterday," said Kim Joo-yong, an analyst at Bookook
Securities. 
    However, Kim stressed this was a momentary reaction, as low
interest rates and easy monetary policy is likely to bolster
risk appetite.
    The S&P 500 ended its six-day winning streak on Thursday
after negotiations over the U.S. "fiscal cliff" hit a wall, with
both Republicans and the White House voicing frustration at the
lack of progress. 
    The Korea Composite Stock Price Index (KOSPI) rose 
1.4 percent to close at 2,002.77 points on Thursday. The index
last touched the psychological milestone in early October. 
    
------------------MARKET SNAPSHOT @ 22:28 GMT-------------------
 
INSTRUMENT      LAST      PCT CHG      NET CHG
S&P 500               1,419.45       -0.63%        -9.03
USD/JPY                  83.61       -0.02%       -0.020
10-YR US TSY YLD    1.732         --          0.029
SPOT GOLD            $1,696.45       -0.01%       -0.240
US CRUDE                $85.89       -1.01%       -0.880
DOW JONES             13170.72       -0.56%       -74.73
ASIA ADRS              125.35       -0.16%        -0.20
---------------------------------------------------------------
> S&P 500 ends six days of gains on 'cliff' worries 
> Prices ease as 30-year auction mediocre           
> Yen on track for another sorry week as BOJ looms  
> Oil falls as fiscal cliffhanger fuels caution     
    
---STOCKS TO WATCH---  
      
    **STX CORP **
    STX Group is seeking to sell a stake in its shipyard in
Dalian, China and is tapping potential buyers in Hong Kong and
China, the Korea Economic Daily reported on Friday. The shipyard
is majority owned by STX Group affiliates including STX Offshore
& Shipbuilding Co Ltd. 
    A STX spokesman said STX had previously planned to raise
funds through its shipyard in STX Dalian, but whether the method
would be a stake sale, an initial public offering or some other
method has yet to be determined. 

    **STX PAN OCEAN ** 
    STX Corp is tapping likely strategic investors such as
Hyundai Glovis Co Ltd, unlisted Samsung SDS and an
unnamed foreign investment fund for its sale of a controlling
stake in STX Pan Ocean, the Maeil Business Newspaper reported on
Friday. 
    A STX spokesman said STX is in talks with one or more
strategic investors, but declined to give further details.
    
    **SK HOLDINGS **
    Pemex, Mexico's state-owned oil company, filed a lawsuit
against SK Engineering & Construction in a U.S. court
on Thursday.
    SK Engineering along with Germany's Siemens AG,
is accused of securing contracts to participate in an oil
refinery modernization project in Mexico through bribes.
 
    
    **HANDOK PHARMACEUTICALS **
    Handok Pharmaceuticals will sign a contract with Israel's
Teva Pharmaceutical Industries Ltd on Friday to form a
joint venture, the Maeil Business Newspaper reported. 

 (Reporting By Somang Yang; Editing by Eric Meijer)

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