March 20, 2013 / 11:37 PM / 6 years ago

Seoul shares seen rebounding on bargain hunting, buoyed by Fed

SEOUL, March 21 (Reuters) - Seoul shares are likely to
regain ground on Thursday on bargain-hunting following recent
losses, tracking a rise in global markets after the Federal
Reserve signalled its commitment to an easy monetary policy.
    "A rebound is likely after U.S. markets rose overnight.
Also, yesterday's losses mean that a wide array of desirable
stocks are undervalued right now," said Oh Seung-hoon, an
analyst at Daishin Securities.
    The U.S. central bank held to its policy of large-scale bond
purchases to boost economic growth despite data indicating
improved conditions, though it suggested that the size and pace
of the purchases may change based on their expected efficacy and
    The Korea Composite Stock Price Index (KOSPI) fell 1
percent to close at a one-month low of 1,959.41 points on
Wednesday amid a fifth day of selling by foreign investors.
------------------MARKET SNAPSHOT @ 22:28 GMT-------------------
S&P 500                 1,558.71       0.67%       10.370
USD/JPY                    96.04       0.03%        0.030
10-YR US TSY YLD      1.958        --          0.000
SPOT GOLD              $1,605.96       0.00%        0.070
US CRUDE                  $93.38      -0.13%       -0.120
DOW JONES               14511.73       0.39%        55.91
ASIA ADRS                136.65       1.00%         1.35
>Wall St ends higher as Fed keeps stimulus in place 
>Treasuries dip after rally on Cyprus worries       
>Dollar rises vs yen after Fed; euro comes off lows 
>Brent oil rise from 3mth low as Cyprus concern ease 
    Samsung C&T has been picked as the preferred bidder for a
multibillion dollar development deal for Australia's Roy Hill
iron ore project, two sources with knowledge of the matter told
    Samsung Heavy said late on Wednesday that it won an order
for four LNG ships from BGT, an affiliate of the Nigeria
Liquefied Natural Gas Company (NLNG).
    The contract, whose value was not disclosed, is conditional
on the Nigerian shipper securing the necessary financing.

 (Reporting by Somang Yang; Editing by Chris Gallagher)
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