March 20, 2012 / 11:48 PM / 6 years ago

Seoul shares seen lower as China worries weigh

SEOUL, March 21 (Reuters) - Seoul shares may drift lower on
Wednesday, with renewed concerns on demand from China seen
weighing on materials and other growth related shares, though
solid U.S. housing data will underpin the market.	
    "The noise of slowdown concerns is coming back out of China
and growth-related shares that rely on robust Chinese demand are
seen dragging on the index, especially now that many analysts
are starting to bump down their first quarter earnings
forecasts," said Won Sang-pil, an analyst at Tong Yang
Securities.	
    Permits for U.S. homebuilding neared a 3-1/2 year high in
February, even as groundbreaking activity slipped, suggesting a
nascent recovery in the housing sector was still on
track. 	
    But concerns about the scale of China's economic slowdown
resurfaced as BHP Billiton, the world's largest miner,
said it was seeing signs of "flattening" iron ore demand from  
the country, sending industrial and energy shares down on Wall
Street. 	
    The Korea Composite Stock Price Index (KOSPI) fell
0.24 percent to close at 2,042.15 points on Tuesday.	
   	
------------------MARKET SNAPSHOT @ 23:25 GMT-------------------	
                  INSTRUMENT    LAST        PCT CHG   NET CHG   	
S&P 500                  1,405.52    -0.3%     -4.230	
USD/JPY                  83.66       -0.05%    -0.040	
10-YR US TSY YLD    2.363       --        0.000    	
SPOT GOLD                $1,648.55   -0.09%    -1.480	
US CRUDE                 $106.38     0.29%     0.310    	
DOW JONES                13170.19    -0.52%    -68.94	
ASIA ADRS               129.87      -1.37%    -1.81    	
----------------------------------------------------------------	
                    	
---STOCKS TO WATCH---	
 	
**S-OIL CORP **   	
       	
S-Oil Corp, South Korea's third-largest crude oil refiner, plans
to shut a residue hydrodesulphuriser unit at its 580,000
barrels-per-day Ulsan refinery in June for one month, industry
sources said on Tuesday. 	
 	
**KIA MOTORS CORP **   	
       	
South Korean carmaker Kia Motors said it expected output in
Slovakia to rise 13 percent this year driven by Russian, British
and German demand for its sport utility vehicle and compact car
models. 	
    	
**LG INTERNATIONAL CORP **	
    	
According to local media reports, LG International is finalising
a deal to buy a 49 percent, $100 million stake in a coal mine in
China.	
    	
	
 (Reporting by Joonhee Yu; Editing by Joseph Radford)

Our Standards:The Thomson Reuters Trust Principles.
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