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Seoul shares seen lower on Spanish debt woes
May 30, 2012 / 11:33 PM / 5 years ago

Seoul shares seen lower on Spanish debt woes

SEOUL, May 31 (Reuters) - Seoul shares are likely to open
lower on Thursday, tracking falls in Wall Street stocks as
soaring Spanish borrowing costs raised concerns about Europe's
ability to refinance itself.	
    Debt-plagued Spain, facing a costly rescue of its ailing
banking sector, saw its bond yields edge closer to the 7 percent
threshold, a level widely viewed as unsustainable which could
force the euro zone's fourth-largest economy to seek a bailout.	
    The three major Wall Street indexes all fell more than 1
percent overnight as investors dumped stocks and commodities in
favour of safe-haven assets.	
    The Korea Composite Stock Price Index (KOSPI) fell
0.27 percent to close at 1,844.86 points on Wednesday, snapping
a three-day winning streak.	
    	
------------------MARKET SNAPSHOT @ 22:29 GMT-------------------	
                   INSTRUMENT        LAST   PCT CHG    NET CHG	
S&P 500                   1,313.32    -1.43%    -19.100	
USD/JPY                      79.09       -0%      0.000	
10-YR US TSY YLD        1.619        --      0.000	
SPOT GOLD                $1,563.45     0.10%      1.550	
US CRUDE                    $87.62    -0.23%     -0.190	
DOW JONES                 12419.86    -1.28%    -160.83	
ASIA ADRS                  111.49    -2.16%      -2.46	
----------------------------------------------------------------	
>Europe's deepening crisis drags Wall St lower      	
>Europe woes push Treasury 10-yr yield to 60-yr low 	
>Euro falls 1 pct vs U.S. dollar to near 2-year low 	
>Oil hits 6-month low as risk aversion sweeps market 	
    	
---STOCKS TO WATCH---	
**SAMSUNG ELECTRONICS, LG ELECTRONICS ** 	
The United States on Wednesday set preliminary duties ranging
from practically zero to 71 percent on residential washing
machines from South Korea in the latest trade action brought by
U.S. manufacturer Whirlpool. 	
    	
**LG INTERNATIONAL CORP **	
U.S. coal miner Peabody Energy Corp has attracted a bid
from South Korean trader LG International for its
Wilkie Creek mine in Australia, which is valued around $500
million. 	
    	
**SSANGYONG MOTOR CO **	
Mahindra & Mahindra Ltd, the owner of South Korea's
Ssangyong Motor, reported a forecast-beating 44
percent jump in quarterly profit. 	
	
 (Reporting by Joonhee Yu; Editing by Chris Gallagher)

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