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Seoul shares seen flat on strong currency concerns
October 28, 2012 / 11:30 PM / 5 years ago

Seoul shares seen flat on strong currency concerns

SEOUL, Oct 29 (Reuters) - Seoul shares are likely to trade
quietly on Monday as concerns about the strong won depresses
exporters' share prices. 
    "The recent strength of the Korean won is not due to
improving domestic circumstances, rather a result of
quantitative easing in other countries," said Ryu Yong-seok, an
analyst at Hyundai Securities. 
    Ryu added that the currency will strengthen further into
early next year, putting downward pressure on the share price of
    Wall Street ended little changed on Friday, despite
encouraging GDP figures that suggested that recovery in the U.S.
was well underway. 
    The Korea Composite Stock Price Index (KOSPI) closed
down 1.72 percent on Friday at 1,891.43 points, its lowest close
since Sept. 6. 
------------------MARKET SNAPSHOT @ 22:28 GMT-------------------
S&P 500                 1,411.94    -0.07%    -1.030    
USD/JPY                    79.62       -0%     0.000    
10-YR US TSY YLD      1.749      --       0.000    
SPOT GOLD              $1,711.76     0.06%     1.000    
US CRUDE                  $86.08    -0.23%    -0.200    
DOW JONES               13107.21     0.03%      3.53    
ASIA ADRS                120.07    -0.85%     -1.03    
>Wall St end flat on Apple picking,but down for week 
>Prices gain on safe-haven support, jobs data eyed  
>Euro little changed vs dollar after 3 days of loss 
>Oil up second day,U.S. products rise ahead of storm 
    Hyundai Heavy Industries said that its bid to
acquire controlling stakes in Korea Aerospace Industries
 had passed eligibility requirements. 
    Korean Air Lines is also bidding for controlling
stakes in the aircraft maker worth an estimated $1.1 billion.

 Samsung SDI Co Ltd said on Friday it would absorb
electric battery maker SB LiMotive Co Ltd. 
In September, the Korean firm said it would pay $95 million to
buy its German partner's 50 percent stake in the smaller firm.

 (Reporting By Somang Yang; Editing by Eric Meijer)

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