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5 years ago
Seoul shares to fall on U.S. budget talks, Middle East concerns
November 14, 2012 / 11:33 PM / 5 years ago

Seoul shares to fall on U.S. budget talks, Middle East concerns

SEOUL, Nov 15 (Reuters) - South Korean stocks will struggle
to find momentum on Thursday, as rising violence in the Middle
East further soured sentiment hurt by worries about a U.S.
"fiscal cliff".
    "The KOSPI will decline in early trade today, after Wall
Street falls, as there is no catalyst for South Korean stocks,"
said Kim Hak-gyun, an analyst at Daewoo Securities. 
    U.S. President Barack Obama set up a drawn-out fight over
the fiscal cliff when he stuck to his pledge to raise taxes on
the wealthy as the first step in a budget deal that would
prevent the U.S. economy from slipping into a recession.
 
    In the Middle East, Israel launched a major offensive
against Palestinian militants in Gaza on Wednesday, killing the
military commander of Hamas in an air strike.   
  
    On Wednesday, the Korea Composite Stock Price Index
(KOSPI) edged up 0.23 percent to 1,894.04, snapping a
four-session losing streak. But foreigners offloaded stocks for
a fifth consecutive session, capping gains. 
-------------------MARKET SNAPSHOT @22:18 GMT----------------
                 INSTRUMENT     LAST    PCT CHG   NET CHG    
S&P 500                1,355.49   -1.39%   -19.040    
USD/JPY                   80.25    0.01%     0.010    
10-YR US TSY YLD     1.589     --      -0.005    
SPOT GOLD             $1,725.94   -0.01%    -0.110    
US CRUDE                 $86.34    1.12%     0.960    
DOW JONES              12570.95   -1.45%   -185.23    
ASIA ADRS               115.90   -1.45%     -1.70    
------------------------------------------------------------->S&
 500 near 4-month low on budget,Middle East     
>Bond prices hold firm on 'fiscal cliff' jitters    
>Euro halts five-day losing run; yen falls sharply  
>Oil up 1 pct near $110 as Israel strikes Gaza      

 (Reporting by Hyunjoo Jin; Editing by Richard Pullin)

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