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Seoul shares seen firmer after steep losses last week
November 18, 2012 / 11:51 PM / 5 years ago

Seoul shares seen firmer after steep losses last week

SEOUL, Nov 19 (Reuters) - Seoul shares are likely to claw
back some gains on Monday after steep losses the week before,
helped by signs that U.S. politicians will be flexible in
finding common ground on fiscal policy differences.
    Bargain-hunting of tech stocks ahead of the year-end holiday
shopping season may also bolster sentiment.
    "While uncertainty persists, the index is likely to mirror
Wall Street's rebound. However, this is largely technical
rebound from last week's big losses," said Lim Dong-rak, an
analyst at Hanyang Securities. 
    The Korea Composite Stock Price Index (KOSPI) fell
2.3 percent last week, ending at 1,860.83, its lowest close
since Aug 3.
    Wall Street ended slightly higher on Friday, helped by a
positive tone from Washington.
    U.S. President Barack Obama will meet with congressional
leaders in the week after Thanksgiving to discuss the "fiscal
cliff" of expiring tax cuts and spending reductions.
    Investors will also be watching a meeting of EU finance
ministers on Tuesday, where a new tranche of aid for Greece will
be discussed.
------------------MARKET SNAPSHOT @ 22:28 GMT-------------------
S&P 500               1,359.88        0.48%        6.550
USD/JPY                  81.35        0.11%        0.090
10-YR US TSY YLD    1.584         --          0.000
SPOT GOLD            $1,713.49        0.00%        0.000
US CRUDE                $87.15        1.49%        1.280
DOW JONES             12588.31        0.37%        45.93
ASIA ADRS              118.73        1.18%         1.39
>Washington's positive tone cheers Wall St for a day 
>Bonds rise on U.S. budget talks, Israel worries    
>Yen steadier after hammering, still fragile        
>Oil up on Middle East conflict, Gulf of Mexico fire 
    Samsung Life Insurance Co. said on Friday that
it will not continue talks with ING Life to buy its
Asia business.
    Samsung Electronics on Friday asked a California
court for a copy of the patent settlement deal between Apple Inc
 and Taiwan's HTC. Samsung sees the deal as a
blueprint for a deal with Apple, with whom it is engaged in a
multi-jurisdictional patent battle. 
    **LG HAUSYS **
    A fire at a LG Hausys Ltd plant in Ulsan, South
Korea, has halted production of polyvinyl chloride (PVC) and
auto parts. The company said that the halted operations, valued
at 387 billion won ($354.32 million), account for 32.12 percent
of its total production.
($1 = 1092.2250 Korean won)

 (Reporting by Somang Yang; Editing by Ediwna Gibbs)

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