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Seoul shares seen waning as Fed stimulus doubts shakes Wall St
January 3, 2013 / 11:31 PM / 5 years ago

Seoul shares seen waning as Fed stimulus doubts shakes Wall St

SEOUL, Jan 4 (Reuters) - Seoul shares are likely to slacken
on Friday after global equities reversed course on worries that
the U.S. Federal Reserve may have misgivings about expanding
monetary easing.
    "U.S. equities were due for a correction at any rate... and
the same is true of the KOSPI. Investors would do well to buy
while shares are easing," said Lee Seung-woo, an analyst at KDB
Daewoo Securities. 
    Wall Street snapped a two-day rally on Thursday, dipping
down after minutes from the latest meeting of the Federal
Reserve's policy committee showed increasing reticence about
adding to the central bank's $2.9 trillion balance sheet, which
it expanded sharply in response to the financial crisis and
recession of 2007-2009.  
    However, economic data showed U.S. private sector job growth
picking up in December, offering further evidence of underlying
strength in the economy. 
    The Korea Composite Stock Price Index (KOSPI) fell
0.6 percent on Thursday to close at 2,019.41 points, retreating
from the year's opening gains as autos slumped, but still at
nine-month highs.
------------------MARKET SNAPSHOT @ 22:28 GMT-------------------
S&P 500               1,462.42       2.54%      36.230
USD/JPY                  87.29      -0.06%      -0.050
10-YR US TSY YLD    1.835        --         0.079
SPOT GOLD            $1,685.49      -0.05%      -0.860
US CRUDE                $93.12       1.42%       1.300
DOW JONES             13412.55       2.35%      308.41
ASIA ADRS              136.04       2.70%        3.58
>WallSt starts a year with a bang after 'cliff'deal 
>Budget deal pushes benchmark yields to 3-month high 
>Dollar falls vs high-yielding currencies;yen sinks 
>Oil rises on US fiscal deal,hits highest since Oct 
    Hyundai Elevator said late on Thursday that it bought
390,724 shares in Hyundai Merchant Marine for 9.4
billion Korean won ($8.85 million) from Daishin Securities, to
strengthen its controlling stake.
    The elevator maker also said that it would seek to
securitise some of its existing shares through derivatives
    The move is the latest in a brewing battle that pits Hyundai
Elevator's two biggest shareholders, unlisted Hyundai Group
 and Swiss-based Shindler Holdings, against
each other.
    Anticipating a bidding war, shares in Hyundai Elevator
jumped 14.8 percent on Thursday, having gained 68.4 percent
since November 30th, when Shindler's lawsuit was announced. 
    Visteon Corp, Halla Climate Control's U.S. parent
company, said on Thursday that relations with Hyundai Motor
 remained strong.
    Earlier on Thursday, shares in Halla Climate Control tumbled
11.4 percent following a media report that its biggest customer,
Hyundai Motor, is changing suppliers. 
     Visteon did not comment on the Sonata contract mentioned in
the media report but said, "HCC does not win 100 percent of
Hyundai's climate business and does not participate in every
Hyundai vehicle program.'
    Visteon shares closed flat at $53.32 on the New York Stock
($1 = 1063.5000 Korean won)

 (Reporting By Somang Yang; Editing by Eric Meijer)

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