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Seoul shares seen climbing after Obama, Boehner meeting
December 17, 2012 / 11:46 PM / 5 years ago

Seoul shares seen climbing after Obama, Boehner meeting

SEOUL, Dec 18 (Reuters) - Seoul shares are likely to rebound
on Tuesday after President Barack Obama met with top Republican
John Boehner, giving  investors hope that a resolution to U.S.
fiscal negotiations was in sight and driving the Standard &
Poor's 500 index to a near two-month high. 
    "There was no meaningful breakthrough in the negotiations,
but the high level meetings do improve investor sentiment," said
Kim Soon-young, an analyst at IBK Securities.
    Kim added that the South Korean presidential elections, to
be held on Wednesday, will likely not have a big impact on the
market but could cause some investors to wait on the sidelines
before building their positions.
    Democrat and Republican aides said they were optimistic that
a deal could be reached in the coming days to avert steep tax
increases and spending cuts, as U.S. lawmakers set the stage for
action before a year-end deadline. 
    The Korea Composite Stock Price Index (KOSPI) fell
0.6 percent to close at 1,983.07 points on Monday, moving
further away from a nine-week high marked on Thursday. 
    Local markets will be closed on Wednesday for the
presidential elections.
------------------MARKET SNAPSHOT @ 22:28 GMT-------------------
S&P 500               1,430.36        1.19%       16.780
USD/JPY                  83.87       -0.01%       -0.010
10-YR US TSY YLD    1.773         --          0.069
SPOT GOLD            $1,697.84        0.01%        0.190
US CRUDE                $87.20        0.54%        0.470
DOW JONES             13235.39        0.76%       100.38
ASIA ADRS              126.67        0.55%         0.69
>Optimism about 'cliff' boost market;financials lead 
>Price fall as hopes for fiscal deal dims safety bid 
>Yen hit as loose Japan policy seen                 
>Brent dips, US crude rises on fiscal talks         
    The sale of an estimated $1.1 billion stake in KAI, the
country's sole aircraft maker, has stalled after Korean Air
Lines pulled out of the final round of bidding on
    Under South Korean rules, there must be at least two bidders
in a government auction.
    The stake in KAI was among a number of assets that the
outgoing administration of President Lee Myung-bak has attempted
to sell. 
    LG Household & Healthcare said on Monday that it acquired
Japan's Everlife Co Ltd for 25.8 billion yen ($308 million) to
expand into Japan's lucrative cosmetics market.
($1 = 83.7600 Japanese yen)

 (Reporting by Somang Yang; Editing by Edwina Gibbs)

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