August 5, 2013 / 11:59 PM / 4 years ago

Seoul shares may open higher on upbeat US, European data

SEOUL, Aug 6 (Reuters) - South Korean shares are likely to
open higher on Tuesday as  better-than-expected U.S. and
European economic data will probably offset comments from a top
Federal Reserve official who said the central bank is closer to
tapering its bond purchases.
    U.S. non-manufacturing index released by the Institute for
Supply Management for July rose to 56.0 from 52.2 in June, while
the Eurozone Composite Purchasing Managers' Index rose to 50.5
from last month's 48.7. 
    The Korea Composite Stock Price Index (KOSPI) closed
down 0.4 percent at 1,916.22 points on Monday in the thinnest
volume in four months. It has gained nearly 8 percent after
hitting a low of 1,770 in late June. 
    Dallas Fed President Richard Fisher told reporters that
unless the economic data takes a decided turn for the worse, the
Fed should cut its massive bond-buying program next month.
 Fisher is a well known opponent of the Fed's
current third round of asset buying.
-------------------MARKET SNAPSHOT @ 22:35 GMT------------------
                  INSTRUMENT        LAST     PCT CHG     NET CHG
S&P 500                  1,707.14      -0.15%      -2.530
USD/JPY                     98.28      -0.02%      -0.020
10-YR US TSY YLD       2.640        --         0.000
SPOT GOLD               $1,302.93      -0.03%      -0.410
US CRUDE                  $106.58       0.02%       0.020
DOW JONES                15612.13      -0.30%      -46.23
ASIA ADRS                 142.26      -0.58%       -0.82
----------------------------------------------------------------
>Dow, S&P slip from record highs on year's lowest volume    
>Bonds fall ahead of Treasury refunding supply             
>Dollar drops vs yen on Fed view; dairy scare hits NZ dlr 
>Oil ends touch lower; US data offsets supply recovery     

    STOCKS TO WATCH
    
    HYUNDAI ENGINEERING & CONSTRUCTION CO LTD 
    The Hyundai Engineering and Construction consortium
announced that it has won a 300 billion ($266.99 million) order
to build a light-alkyl-benzene production facility in Thailand. 
($1 = 1113.6250 Korean won)

 (Reporting by Jungmin Jang; Editing by Edwina Gibbs)

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