UPDATE 1-S.Korea SK C&C jumps in market debut; analysts cautious

* Fund managers give thumbs-up for long-term buys

* Analysts cautions rally may be temporary

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By Kim Yeon-hee and Shin Jieun

SEOUL, Nov. 11 (Reuters) - Shares of South Korean technology services firm SK C&C Co Ltd (034730.KS: Quote, Profile, Research) soared as much as 22 percent on the company's trading debut on Wednesday, drawing strong interest from local institutions.

Analysts said the rally could prove short-lived in a sluggish broader market in the lack of economic momentum, but fund managers picked the affiliate of top mobile carrier SK Telecom (017670.KS: Quote, Profile, Research) as a major stock to be included in their portfolios.

SK C&C's debut comes amid signs Asian initial public offerings are losing steam because of renewed economic uncertainty, with many companies trimming high pricing expectations or shelving offerings because of weak demand.

Recent IPOs in South Korea, including Tong Yang Life Insurance (082640.KS: Quote, Profile, Research) and spirit maker Jinro Ltd (000080.KS: Quote, Profile, Research), were priced at the bottom of their indicative ranges or below.

Analysts saw the strong market reaction to SK C&C as excessive in the absence of market-leading stocks, and would not indicate an turnaround in market sentiment overall.