Seoul stocks seen rising after U.S. pre-Xmas rally
SEOUL, Dec 24 (Reuters) - Seoul stocks could rise on Monday in thin pre-Christmas trade, led by exporters such as Samsung Electronics (005930.KS: Quote, Profile, Research, Stock Buzz) after better-than-expected U.S. spending data eased worries about South Korea's No.2 export destination.
Financial stocks may extend a recent bull run after reports of a possible foreign investment in Merrill Lynch (MER.N: Quote, Profile, Research, Stock Buzz) boosted appetite for banking stocks. [ID:nN21264337]
But fuel cost-sensitive firms such as Korean Air (003490.KS: Quote, Profile, Research, Stock Buzz) may fall after oil prices jumped on the strong U.S. spending report.
The Korea Composite Stock Price Index (KOSPI) ended up 1.84 percent at 1,878.32 points on Friday. ----------------------MARKET SNAPSHOT @ 2300 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 .SPX 1484.46 1.67% 24.340 USD/JPY <JPY=> 114.01 -0.07% -0.080 10-YR US TSY YLD <US10YT=RR> 4.1718 -- 0.000 SPOT GOLD <XAU=> 811 0.00% 0.000 US CRUDE CLc1 93.72 0.44% 0.410 DOW JONES .DJI 13450.65 1.55% 205.01 -------------------------------------------------------------
MARKETS SUMMARY
*Techs, banks prompt U.S. stocks to fly [ID:nN21289797]
*Oil jumps more than $2 on U.S. spending report [ID:nSP216814] *Dollar scales 6-wk peaks vs yen, euro firms [ID:nN21574277]
*Bonds sink as stocks rally before Christmas [ID:nN21584835]
*US consumer spending strong in November, prices up [ID:nN21255598]
STOCKS TO WATCH
- Samsung Electronics
Samsung Electronics Co Ltd (005930.KS: Quote, Profile, Research, Stock Buzz) said on Friday it had agreed with Hitachi Ltd's (6501.T: Quote, Profile, Research, Stock Buzz) data storage business unit to a licence deal over hard disk drive patents. [ID:nSEO206277]
- STX Pan Ocean
STX Pan Ocean (028670.KS: Quote, Profile, Research, Stock Buzz), South Korea's biggest dry bulk shipping company, will buy back shares worth 29 billion won ($30.84 million) between Dec. 25 and March 24 to bolster share prices, it said in a filing with the Korea Exchange late on Friday.
- LCD makers
Japanese electronics conglomerate Toshiba Corp (6502.T: Quote, Profile, Research, Stock Buzz) said it will buy large liquid crystal displays from Sharp Corp (6753.T: Quote, Profile, Research, Stock Buzz) as part of an alliance likely to help spark a realignment of the flat panel TV industry. [ID:nT200748] (Reporting by Kim Soyoung; Editing by Sei Chong)
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