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Seoul shares seen easing as U.S. GDP data disappoint
April 28, 2013 / 11:46 PM / in 5 years

Seoul shares seen easing as U.S. GDP data disappoint

SEOUL, April 29 (Reuters) - South Korean shares are likely
to open softer on Monday following a 2 percent rise last week,
after weaker-than-expected U.S. first-quarter growth data
heightened concerns for the world's biggest economy.
    "The KOSPI will remain rangebound today and this week
because there is little momentum," said Park Hyeong-joong, an
analyst at Meritz Securities. 
    "I have a conservative view of the global economy in the
current quarter, and with fiscal and monetary stimulus
struggling to gain traction here, South Korean companies will
suffer at home and abroad."
    The Korea Composite Stock Price Index (KOSPI) closed
down 0.4 percent at 1,944.56 points on Friday, easing from a
three-week high a day earlier driven by better-than-expected
earnings results. 
    ---------------------MARKET SNAPSHOT @22:33 GMT-------------
                 INSTRUMENT    LAST    PCT CHG    NET CHG    
S&P 500               1,582.24    -0.18%     -2.920    
USD/JPY                  97.80    -0.27%     -0.260    
10-YR US TSY YLD    1.665      --        0.000    
SPOT GOLD            $1,464.76     0.15%      2.260    
US CRUDE                $92.71    -0.31%     -0.290    
DOW JONES             14712.55     0.08%      11.75    
ASIA ADRS              141.75    -0.36%      -0.52    
l Street dips after GDP but finishes week higher 
>Yields fall as weak U.S. GDP adds to growth fears  
>Dollar drops vs yen after BoJ, disappointing US GDP 
>Oil prices fall on poor global growth outlook      
    **OCI **    
    The South Korean firm said on Friday after the closing bell
that three polysilicon orders worth 1.46 trillion Korean won
from units of China's solar panel maker Suntech Power Holdings
 were cancelled because of their financial troubles. 
    Its South Korean labour union agreed to restart weekend
production from this week after output stoppages during weekends
in March and April over wages hit its sales and earnings.
    The South Korean automaker also plans to expand its annual
manufacturing capacity at its third factory in China by 150,000
vehicles to 450,000 by the end of this year, media reports said
on Monday.
    **POSCO **
    Moody's Investors Service said on Friday that the moderate
year-on-year decline in POSCO's (Baa1 negative) earnings for the
first quarter of 2013 is credit negative. 
    "POSCO's lower earnings for 1Q 2013, in combination with the
challenging external environment, will make it difficult for the
company to improve its financial profile over the next 12 months
to a level consistent with its Baa1 rating," said Chris Park, a
Moody's Vice President and Senior Credit Officer.

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