October 14, 2012 / 11:32 PM / 5 years ago

Seoul shares seen rangebound as earnings concerns spur caution

SEOUL, Oct 15 (Reuters) - Seoul shares are likely to stay
rangebound on Monday as the main index comes off a series of
declines last week that reflected investor pessimism ahead of
the corporate earnings season.
    "Current expectations for weaker third-quarter earnings were
partially accounted for in last week's drops in the main index,
and the actual earnings reports might not be a great shock on
the stock market," said Park Jung-sup, an analyst at Daishin
Securities.
    The Korea Composite Stock Price Index (KOSPI) closed
up 0.01 percent at 1,933.26 points on Friday, barely snapping a
week-long losing streak.
    Park said he expected the index to remain above the 1,900
point threshold this week.
    U.S. stocks slipped on Friday on investor concern over weak
corporate earnings forecasts, with Thomson Reuters data pointing
to a 3 percent year-on-year drop in S&P 500 companies' quarterly
earnings expected, marking the first decline in three years.
 
    
-------------------MARKET SNAPSHOT @21:45 GMT--------------- 
                 INSTRUMENT    LAST    PCT CHG    NET CHG    
S&P 500               1,428.59     -0.3%     -4.250    
USD/JPY                  78.43    -0.01%     -0.010    
10-YR US TSY YLD    1.656      --        0.000    
SPOT GOLD            $1,753.64    -0.01%     -0.110    
US CRUDE                $91.86     0.00%      0.000    
DOW JONES             13328.85     0.02%       2.46    
ASIA ADRS              118.17    -0.35%      -0.41    
-------------------------------------------------------------
>Wall St posts worst week since June, banks weigh   
>US Treasuries rise on muted inflation; Spain eyed  
>Euro higher vs dollar on the day,lower for the week 
>Brent falls $1/bbl, spread to U.S. crude narrows   

---STOCKS TO WATCH---  
**SAMSUNG HEAVY INDUSTRIES** 
Samsung Heavy Industries Co Ltd said on Sunday that
it had won an order to build 12 offshore wind turbines off the
coast of Jeju Island, to be completed by 2014.

 (Reporting by Joyce Lee; Editing by Chris Gallagher)

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