July 16, 2012 / 11:29 PM / 5 years ago

Seoul shares seen on holding pattern, eyes on Bernanke

SEOUL, July 17 (Reuters) - Seoul shares are seen meandering
in a narrow range on Tuesday as investors wait on the sidelines
for further hints of policy easing from the U.S. Federal
Reserve.
    Fed Chairman Ben Bernanke will deliver his semi-annual
testimony to the U.S. Congress on the state of the economy
beginning later on Tuesday, with investors hoping to see a
clearer picture of the Fed's monetary policy stance.
    U.S. retail sales fell 0.5 percent in June, the third
straight month of decline, a sign that the economic recovery is
flagging and feeding hopes that the Fed will be prompted to
undertake more stimulus action. 
    The Korea Composite Stock Price Index (KOSPI) rose
0.27 percent to close at 1,817.79 points on Monday.
    
------------------MARKET SNAPSHOT @ 22:07 GMT-------------------
                INSTRUMENT    LAST      PCT CHG   NET CHG    
S&P 500                1,353.64    -0.23%    -3.140    
USD/JPY                   78.85    -0.01%    -0.010    
10-YR US TSY YLD     1.471      --       0.000    
SPOT GOLD             $1,588.69    -0.07%    -1.100    
US CRUDE                 $88.14    -0.33%    -0.290    
DOW JONES              12727.21    -0.39%    -49.88    
ASIA ADRS               114.65    -0.55%    -0.63    
----------------------------------------------------------------
S&P 500 falls for seventh day in eight             
>Bond yields match lows as data spurs bets on Fed   
>Dollar pressured on rising speculation of US easing 
>Oil higher on stimulus hopes, Iran tensions        
    
---STOCKS TO WATCH---
    
**HYUNDAI MOTOR **
    
The main union at South Korea's Hyundai Motor said it will
resume wage talks with management mid-week and stage another
partial strike on Friday, signalling protracted labor tension at
the world's fifth-biggest carmaker and affiliate Kia
Motors. 
    
**HYUNDAI HEAVY INDUSTRIES **
    
South Korean shipbuilder Hyundai Heavy Industries 
said on Monday it has decided to sell a 746.4 billion Korean won
($648.87 million) stake in automaker Hyundai Motor 
to improve its financial health. 
    
**POSCO **
    
POSCO, the world's fourth-biggest steelmaker,
expects its earnings to deteriorate in the second half of this
year and believes that any possible Chinese stimulus policies
will not be much help in reviving the struggling steel sector, a
top executive told Reuters. 

**KB FINANCIAL GROUP **
    
KB Financial Group Inc submitted a main bid for ING
Groep's South Korean insurance business, the local
Maeil Business Newspaper reported Monday. 

 (Reporting by Joonhee Yu; Editing by Paul Tait)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below