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Seoul shares seen in a range as soft data offset by QE3 hopes
July 2, 2012 / 11:31 PM / in 5 years

Seoul shares seen in a range as soft data offset by QE3 hopes

SEOUL, July 3 (Reuters) - Seoul shares are seen caught in a
range on Tuesday as concerns about signs of flagging global
economic growth are offset by hopes the U.S. Federal Reserve may
be spurred into providing additional stimulus measures.
    "Data on all fronts, including housing and employment
figures, have shown a weakening trend which may be evidence
enough for the Federal Reserve to intervene," said Lee
Seung-wook, an analyst at Kiwoom Securities.
    Europe's debt crisis slammed into the world's factories last
month, with U.S. manufacturing contracting for the first time in
nearly three years, in the wake of similar data from China and
Japan sinking to respective seven-month lows. 
    But U.S. stocks ended higher on Monday as investors shook
off the weaker-than-expected data, taking it as a signal that
the Federal Reserve will again step in to prop up the economy.
    Market players are eyeing a European Central Bank policy
meeting scheduled for Thursday, where the majority of economists
polled by Reuters are expecting a rate cut.
    The Korea Composite Stock Price Index (KOSPI) edged
0.13 percent lower to close at 1,851.65 points on Monday.
    
------------------MARKET SNAPSHOT @ 22:20 GMT-------------------
                 INSTRUMENT        LAST      PCT CHG    NET CHG
S&P 500                 1,365.51      0.25%      3.350
USD/JPY                    79.49      0.01%      0.010
10-YR US TSY YLD      1.587      --         0.000
SPOT GOLD              $1,596.86      0.01%      0.180
US CRUDE                  $83.66      -0.11%     -0.090
DOW JONES               12871.39      -0.07%     -8.70
ASIA ADRS                119.27      0.26%      0.31
----------------------------------------------------------------
>Wall St shakes off factory data; S&P, Nasdaq rise  
>Bonds rise on global growth worries                
>Euro, dollar fall after U.S. factory data          
>Oil slips on more signs of slowing economy         
    
---STOCKS TO WATCH---

    **CHIPMAKERS**
    Micron Technology Inc will buy failed Japanese
chipmaker Elpida Memory Inc for about $750 million in
cash, pushing Micron into second place behind market leader
Samsung Electronics and ahead of SK Hynix
 in the global market for DRAM memory
chips. 


 (Reporting by Joonhee Yu; Editing by John Mair)

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