February 6, 2013 / 11:41 PM / 5 years ago

Seoul shares to likely find floor but yen weakness to weigh

SEOUL, Feb 7 (Reuters) - Seoul shares are likely to trade in
a tight range on Thursday, with players saying the market has
found a floor after falling for five days to a two-month low but
it is unlikely to make significant gains after the yen hit a
fresh trough against the dollar.
    The yen has slid dramatically in the wake of an aggressive
stance on fiscal and monetary policy by Japan's new prime
minister. The won rose 22.8 percent against the yen last year
and is up another 5.6 percent so far in 2013, which
helps Japanese exporters at the expense of their South Korean
    "The index is pretty much boxed in and will not rise more
than 1 percent until the yen stabilises," said Koh Seung-hee, an
analyst at SK Securities.
    He added that threats by North Korea to go beyond carrying
out a promised third nuclear test in response to what it
believes are "hostile" sanctions, could weigh on Seoul shares.
    The yen hit a 33-month low against the dollar on Wednesday
on news that the governor of Japan's central bank will step down
earlier than anticipated, paving the way for a successor who
will aggressively ease monetary policy. 
    The Korea Composite Stock Price Index (KOSPI) closed down
0.1 percent at 1,936.19 points on Wednesday.
------------------MARKET SNAPSHOT @ 22:28 GMT-------------------
S&P 500               1,512.12     0.05%     0.830    
USD/JPY                  93.58    -0.03%    -0.030    
10-YR US TSY YLD    1.964       --     -0.041    
SPOT GOLD            $1,677.10     0.00%    -0.010    
US CRUDE                $96.62    -0.02%    -0.020    
DOW JONES             13986.52     0.05%      7.22    
ASIA ADRS              136.86     0.53%      0.72    
ll Street ends flat as investors pull back       
>Bond prices up as euro zone tension rattle investor 
>Euro slump vs dollar,yen as ECB policy meeting eyed 
>Brent rises, U.S. crude dips on inventory build    
    Cosmetics-maker AmorePacific said on Wednesday
that it will make Pacificpharma a wholly-owned
subsidiary, taking it off the market.
    Pacificpharma shareholders will receive 0.06 AmorePacific
shares for each of their shares.

 (Reporting by Somang Yang; Editing by Edwina Gibbs)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below